Which term describes the financial obligation a patient incurs when receiving medical services?

The term that best describes the financial obligation a patient incurs when receiving medical services is deductibles. A deductible refers to the specific amount of money that a patient must pay out-of-pocket before their health insurance begins to cover the costs of medical services. For example, if a health plan has a deductible of $1,000, the patient needs to pay that amount for covered services before the insurance will start paying for further medical expenses.

In contrast, co-insurance represents the percentage of costs that a patient is responsible for after meeting their deductible; out-of-pocket maximum is the maximum amount a patient will spend on healthcare in a given year after which insurance covers 100% of expenses, and copayment is a fixed amount a patient pays for a specific service like a doctor's visit or prescription. Understanding how these terms are defined and their implications can be essential for effective financial planning regarding healthcare expenses.