What is the minimum payment that an insured person makes for a service known as?

The minimum payment that an insured person makes for a service is referred to as a copay. A copay is a fixed amount that an individual pays for a specific medical service or prescription at the time of receiving care. This payment structure is common in health insurance plans, where the insured is responsible for a part of the cost at the point of service, thereby making healthcare expenses more predictable for individuals. Copays often vary depending on the type of service received, such as visiting a primary care physician versus a specialist.

In contrast, the other options do not represent this concept. A check typically refers to a method of payment for goods or services. Collateral is related to securing loans, ensuring that lenders have some form of security against default, and is not a payment related to insured services. Community college refers to a type of educational institution, unrelated to healthcare payment structures. Understanding the function of copays helps individuals manage their healthcare finances better and navigate their insurance plans effectively.