Which term is used to define a payment made for covered healthcare services?

The term that defines a payment made for covered healthcare services is co-pay. A co-pay is a fixed amount that a patient pays for a specific healthcare service at the time of the service. This payment is generally outlined in a health insurance policy and is typically owed at the time of service, such as a doctor's visit, a prescription medication, or certain medical procedures.

Co-pays are designed to share the cost of healthcare between the insurance company and the insured individual, making healthcare more accessible by reducing the financial burden of each visit. This mechanism also encourages patients to utilize healthcare services while mitigating the risk of overuse of medical resources.

In contrast, a deductible represents the amount a policyholder must pay out of pocket before their insurance kicks in, while out-of-pocket refers to all costs that an individual pays for healthcare that are not covered by insurance. Coverage, on the other hand, refers to the services and expenses that a health insurance policy will pay on behalf of the insured.