What is the term for a scheduled payment made by the insured for covered services?

The term for a scheduled payment made by the insured for covered services is copayment. A copayment is a fixed amount that the insured pays at the time of receiving a service, such as a doctor’s visit or prescription medication, and it represents a part of the cost-sharing arrangement between the insured and the insurance provider. By requiring copayments, health insurance plans can promote the use of services while also helping to manage costs for both the insurer and the insured. The amount of the copayment can vary depending on the type of service rendered.

Understanding this term is important as it reflects how insurance plans structure cost-sharing for medical expenses. It allows individuals to predict their out-of-pocket costs when accessing healthcare services.