What is the term for the portion of the price of medication that the patient is required to pay?

The term that refers to the portion of the price of medication that the patient is required to pay is known as a co-pay. A co-pay is a fixed amount that a patient pays out-of-pocket at the time of receiving a medication or service, which is often determined by their insurance plan. This fee is distinct from other payment structures in healthcare, making it a straightforward and predictable expense for patients when picking up prescriptions.

In contrast, usual and customary price represents the standard price for a medication and does not specifically relate to the patient's out-of-pocket costs. Co-insurance involves a percentage of the cost of the medication that the patient shares with the insurance company, meaning the patient may have variable costs based on the medication price, rather than a fixed amount. Maximum allowable cost is a term used for the highest amount that an insurance plan will reimburse for a specific medication, not a payment required from the patient themselves. Thus, co-pay is clearly the correct terminology for a fixed out-of-pocket expense patients must pay when obtaining their medications.