Key TakeawaysA health insurance plan helps pay your medical expenses after you’ve met your policy’s deductible.Copayments, or copays, are flat fees you’ll pay for health services.Coinsurance is a percentage of overall medical expenses you must pay.Out-of-pocket expenses are the amount you must pay after your health insurance had paid its part.More items...What does copayment mean?
In the United States, copayment or copay is a payment defined in the insurance policy and paid by the insured person each time a medical service is accessed. It is technically a form of coinsurance, but is defined differently in health insurance where a coinsurance is a percentage payment after the deductible up to a certain limit.What is the difference between a copay and deductible?
The deductible is the amount you pay for the service before the service’s expense is shared with you by the plan.A copay is a fee you pay for the medical service.Coinsurance is when you only pay a percentage of your fees.Is Copay and coinsurance the same?
They include copay, coinsurance, and deductibles. They are all interlinked but not alike. These terms are related to sharing of health expenses between a person and his health insurance company. Copay and coinsurance are used most of the time interchangeably. They are slightly different in their terms and policies.