The portion of the price of medication that an insured patient is required to pay is known as what?

The portion of the price of medication that an insured patient is required to pay is referred to as a co-pay. A co-pay is a fixed amount that the patient pays out-of-pocket for a specific service, medication, or treatment at the time of the visit or when obtaining a prescription. This payment structure is common in many health insurance plans and helps to manage healthcare costs while ensuring that patients have access to necessary medications.

In contrast, a premium is the amount paid monthly or annually to maintain health insurance coverage, while a deductible is the total amount a patient must spend before their insurance starts to cover costs. Co-insurance refers to the percentage of costs that the patient is responsible for after the deductible has been met. Each of these terms reflects different aspects of a patient’s financial responsibilities in a health plan, but the co-pay specifically denotes the immediate payment made at the time of service or medication purchase.