What is the cost of insurance coverage that is paid for by the member known as?

The cost of insurance coverage paid by the member is referred to as a premium. A premium is the amount that policyholders are required to pay periodically, usually monthly or annually, in order to maintain their insurance coverage. This payment secures their right to receive the benefits of the policy when needed.

In contrast, a deductible is the amount that a member must pay out-of-pocket before the insurance company starts to pay for covered services. A co-payment is a fixed amount paid by the insured for specific services, such as a doctor's visit or a prescription. Coinsurance, on the other hand, is a type of cost-sharing where the member pays a percentage of the costs of covered services after the deductible is met.

These other payment types are all important aspects of using health insurance, but they serve different purposes in the insurance payment structure. The premium, however, is the foundational payment to keep the insurance policy active and in force.