What is the fee a patient pays for services rendered based on a percentage of the cost called?

The correct term for the fee a patient pays for services rendered based on a percentage of the cost is coinsurance. Coinsurance is typically a cost-sharing arrangement where, after the deductible has been met, the patient pays a certain percentage of the medical expenses for specific services. For example, if a health insurance plan dictates a coinsurance of 20%, the patient is responsible for paying 20% of the medical costs, while the insurance covers the remaining 80%.

This concept is important in understanding how healthcare costs are shared between the patient and insurance provider, motivating patients to be more mindful of their usage of services, as they will bear part of the cost in line with the agreed percentage. Other terms like deductible and co-payment refer to different aspects of cost-sharing in health insurance. The premium, on the other hand, is the amount paid regularly (usually monthly or annually) to maintain the insurance policy itself, not a cost associated with specific services.