What term describes the required dollar amount policyholders must pay for each medical service received?

The term that describes the required dollar amount policyholders must pay for each medical service received is copayment. A copayment is a fixed amount that a policyholder pays for a specific service, such as a doctor's visit or medication, at the time of receiving care. This portion of the cost is typically outlined in the insurance policy and is meant to share the costs of healthcare between insurers and policyholders.

In contrast, a deductible refers to the total amount that a policyholder must spend out of pocket before the insurance begins to pay for covered services. This is usually a larger sum that must be met annually. Coinsurance is the percentage of costs that a policyholder must pay for services after the deductible has been met, meaning the insurer and policyholder share the costs beyond the deductible amount. Per diem, on the other hand, refers to a daily rate paid for services, which is not tied to the fixed payments per service that a copayment represents. Thus, the term copayment accurately captures the nature of the cost-sharing mechanism for specific medical services.