Insurance Term
Copayment (Copay)
A fixed amount the insured pays for a specific service, such as a doctor's visit or prescription.
What does Copayment (Copay) mean in insurance?
Copays are common in HMOs and PPOs. Unlike coinsurance (percentage), copays are a set dollar amount.
Related insurance terms
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Practice QuestionEasy
Which of the following best describes the concept of Copayment (Copay)?
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