Final answer:
The portion of a medical claim that a patient is responsible for paying is known as the copayment, coinsurance, or deductible. These are cost-sharing mechanisms that require the patient to pay a specific amount or percentage of their medical expenses.
Step-by-step explanation:
The portion of a claim that the patient must pay is referred to as the copayment, coinsurance, or deductible. A deductible is an upfront amount, such as $1,000, that the insured person needs to pay before their insurance coverage kicks in.
After meeting the deductible, an insured individual may also encounter a copayment, which is a fixed sum due for a specific service, such as $20 for a doctor's visit. On top of this, coinsurance is another form of cost sharing where the policyholder pays a percentage of the medical expenses; for instance, they might cover 20% of the costs while the insurance company pays the rest (80%). These cost-sharing mechanisms are designed to help mitigate moral hazard by making sure policyholders have a financial stake in the costs of their healthcare.