Copay
Copay
Copay (pronounced: co-pay), also known as copayment, is a fixed amount a healthcare beneficiary is required to pay as part of the cost of a medical service or product. The copay is typically paid at the time the service is rendered or the product is received.
Pronunciation
- IPA: /koʊˈpeɪ/
Etymology
The term "copay" is derived from the phrase "cooperative payment". It was first used in the context of health insurance in the United States in the mid-20th century.
Definition
A copay is a predetermined rate paid by an individual insured under a health insurance policy for receiving a particular medical service or product. The remaining balance is covered by the person's insurance company. The purpose of a copay is to discourage unnecessary visits to doctors or emergency rooms.
Related Terms
- Deductible: The amount an insured individual must pay out-of-pocket before the health insurance company pays its share.
- Coinsurance: The percentage of costs of a covered health care service an insured individual pays after they've paid their deductible.
- Out-of-pocket maximum: The most an insured individual will have to pay for covered services in a policy period.
- Premium: The amount that must be paid for your health insurance or plan.
See Also
External links
- Medical encyclopedia article on Copay
- Wikipedia's article - Copay
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