Define "deductible" in the context of health insurance.

In the context of health insurance, a deductible refers to the specific amount that a policyholder must pay out-of-pocket for healthcare services before their insurance coverage starts to contribute. This is a key component of many health insurance plans and acts as a form of cost-sharing between the insurer and the insured.

For example, if a health insurance plan has a deductible of $1,000, the policyholder would need to incur $1,000 in medical expenses themselves before the insurance company begins to pay for covered services. This approach helps to keep premium costs lower and encourages individuals to be more mindful of their healthcare spending, as they are initially responsible for certain healthcare costs.

The other concepts listed, while relevant to health insurance, do not accurately define a deductible. Premiums represent the total cost paid for insurance coverage over a year, copayments are fixed fees paid for specific services at the time of care, and lifetime maximum payouts limit the total amount an insurance company will pay for an individual's care throughout their lifetime.