What is the flat fee you pay every time you receive a covered medical service?

The flat fee you pay every time you receive a covered medical service is referred to as a co-pay. This is a specific amount that is paid at the time of a medical service or visit, such as going to a doctor or filling a prescription. Co-pays are a common feature in many health insurance plans and are designed to share the cost of healthcare between the insured individual and the insurance provider.

In contrast, other terms have different meanings: a deductible is the amount you must pay out-of-pocket for healthcare services before your health insurance begins to pay; a premium is the monthly fee you pay for your health insurance policy regardless of whether you use medical services; and the out-of-pocket maximum is the maximum amount you would have to spend in a policy period for covered services, after which the insurance would cover 100% of the costs. Understanding these distinctions is crucial for effectively navigating health insurance plans.