Which term refers to a specified amount the insured must pay for healthcare services?

The specified amount that the insured must pay for healthcare services is termed "copayment." A copayment, often referred to as a "copay," is a fixed fee that a policyholder pays directly to the healthcare provider at the time of service. This fee is typically a small portion of the total cost of the service provided.

Understanding copayments is essential as they are a common feature in many health insurance plans, helping to manage the costs shared between the insurer and insured. For example, a health insurance plan might require a $20 copay for a doctor's visit or a $10 copay for prescription medications. This structure encourages policyholders to seek necessary medical care while also sharing some of the financial responsibility.

Other terms related to health insurance have different meanings: a premium is the amount paid regularly to keep the policy active, a deductible is the initial amount the insured must pay before the insurance begins to cover costs, and co-insurance is a percentage of costs that the insured pays after the deductible has been met. Each of these plays a distinct role in the overall cost-sharing arrangement between the insured and the insurer, but does not describe the specific fixed fee associated with service at the point of care like a copayment does.