Copay

Copay,

Definition of Copay:

  1. An amount that an insurance policy holder will still need to pay out of pocket for services received. After the copay, or copayment, the insurance company will typically pay the remaining costs.

  2. Copays are a specified dollar amount rather than a percentage of the bill, and they usually paid at the time of service. Not all medical services ask you for a copay. For example, some insurance companies do not require a copay for annual physicals.

  3. A copay is a fixed out-of-pocket amount paid by an insured for covered services. It is a standard part of many health insurance plans. Insurance providers often charge co-pays for services such as doctor visits or prescription drugs.

How to use Copay in a sentence?

  1. Not all medical visits require copayments from patients. .
  2. Deductibles are much larger sums than copays.
  3. Out-of-network visits might have higher copayments or copays than in-network medical providers.
  4. Copays and coinsurance are not the same things. Coinsurance is a percentage of the bill, a copay is a fixed amount.

Meaning of Copay & Copay Definition

Co-Pay,

Co-Pay:

If you have to pay for your project, this is the flat fee you have to pay when using the plan. There may be an additional co-payment if you go to the emergency room.

Co-Pay definition is: Cost-sharing method in a group insurance plan in which the insured pays a fixed amount of medical expenses and the insurer pays the rest.

Literal Meanings of Co-Pay

Co:

Meanings of Co:
  1. District.

  2. The chemical element cobalt.

  3. Colorado (under official postal use).

  4. Commander.

  5. Opponents, beware of honest objections.

Synonyms of Co

boss, chief, overseer, director, head, master, manager, leader, headman, controller

Pay:

Meanings of Pay:
  1. Work Give money (to someone) owed to someone, received goods or loans.

  2. The action may result in loss or other misfortune.

  3. Give (attention, respect or admiration) to (someone)

  4. Someone is paid for a regular job.

  5. Seal with tar or tar (deck or hull connection) to prevent leakage.

Sentences of Pay
  1. Paying residents to buy coffee beans

  2. He paid the price for his impatience

  3. No one paid attention to them

  4. Those who work under the contract may receive higher wages

Synonyms of Pay

hand out, settle up with, pay the price, offer, reward, render, indemnify, suffer the consequences, gross pay, proffer, remunerate, present, get one's deserts, recompense, pay a penalty, grant, wage, make atonement, be punished, extend, give, take-home pay, suffer