In health insurance, what is a "payor"?

In the context of health insurance, a "payor" refers specifically to an entity that is responsible for paying for health care services. This typically includes insurance companies, which collect premiums from policyholders and then cover the costs of medical treatment according to the policy terms. Additionally, government programs such as Medicare and Medicaid are also considered payors since they provide funding for health services to eligible individuals.

Understanding the role of a payor is critical in the health insurance landscape because it delineates who bears the financial responsibility for medical services. By recognizing that payors can include both private insurers and public programs, one can appreciate the various ways in which health care costs are managed and reimbursed in the system.

The other answer choices address related concepts but do not define "payor" accurately within the health insurance framework. For instance, while individuals paying for their own health services can be referred to as self-pay patients, they do not constitute a payor in the same institutional sense. Healthcare providers charging fees are service providers rather than payors, and individuals who help choose health insurance plans are typically brokers or advisors, not payors themselves. This distinction clarifies the specific role that payors play in the overall healthcare ecosystem.