Copay
A fixed amount you pay for a specific medical service or prescription at the time you receive it. Unlike a deductible, a copay is the same amount every time.
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Example
“I paid my $30 copay at the doctors office and the insurance company covered the remaining $170.”
Memory Tip
CO-pay means you and your insurance CO-operate on the payment.
Why It Matters
Copays make healthcare costs predictable.
Common Misconception
Many people confuse copays with coinsurance. A copay is fixed, coinsurance is a percentage.
In Practice
Generic drugs often have much lower copays than brand-name medications.
Etymology
Short for copayment, combining co- (together) with payment.
Common Misspellings
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Related Terms
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