What is the recurring payment made by the member for insurance coverage called?

The recurring payment made by a member for insurance coverage is referred to as a premium. This is a fundamental aspect of most insurance policies, where individuals pay a set amount regularly—typically monthly, quarterly, or annually—in exchange for medical coverage or other types of insurance. The premium is what keeps the insurance policy active and allows the member to access the benefits outlined in their policy when necessary.

In contrast, a deductible is the amount the insured must pay out of pocket before the insurance company begins to pay for covered services. Out of pocket refers to any expenses that the insured must pay themselves, which can include deductibles, copayments, and other health expenses that are not covered by insurance. A co-payment is a fixed fee paid by the insured at the time of receiving a healthcare service, typically after the deductible has been met. Understanding these terminologies helps clarify the different components of healthcare financing and how insurance works.