Deductible is a payment that you must pay out of pocket when you make an insurance claim before the insurer reimburses your claim. Some benefit plans include deductibles and/or co-payments as part of their design. Unlike a co-payment, which is generally charged on a per-product or service basis, a deductible is typically charged once per benefit period (e.g. annually). For example, if a plan has a $25 deductible for paramedical claims this means that a one-time fee of $25 will be deducted from the first paramedical claim paid in a benefits cycle.