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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 does copay mean for insurance?

A copay is an out-of-pocket cost paid on the spot for covered health care services such as doctor visits and prescription drugs. Copays are a fixed dollar amount determined by your plan and stated clearly on your insurance card. In most cases, you must meet your plan’s deductible before copays will take effect.

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