What is the total amount a patient pays from their own money known as?

The term for the total amount a patient pays from their own money is known as out-of-pocket expenses. This encompasses all costs that a patient incurs for healthcare services, including any deductibles, copayments, and coinsurance that the insurance plan does not cover. Patients need to be aware of their out-of-pocket expenses to better understand their financial responsibilities related to their healthcare.

In contrast, a premium refers to the amount paid for an insurance policy, typically on a monthly basis, while coinsurance is a specific type of cost-sharing where the patient pays a certain percentage of the costs for covered services after meeting their deductible. A deductible is the amount a patient has to pay out-of-pocket before their insurance begins to cover expenses. The distinction among these terms is crucial for understanding how healthcare costs impact a patient's financial obligations.