Definition of Copay:
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.
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.
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?
- Not all medical visits require copayments from patients. .
- Deductibles are much larger sums than copays.
- Out-of-network visits might have higher copayments or copays than in-network medical providers.
- 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