What is a copayment?
Asked a year ago
A copayment, commonly referred to as a copay, is a fixed amount that an individual needs to pay out-of-pocket when receiving certain healthcare services or purchasing prescription drugs. It is a predetermined cost that the insured person pays at the time of the service, and it is typically a fraction of the total cost of the service, calculated based on the terms of their health insurance plan. Copayments help share the cost of healthcare between the insured individual and the insurance provider. The specific copayment amount varies depending on the type of service received, such as a doctor visit, specialist consultation, or prescription medication. Copayments are designed to ensure individuals contribute to their healthcare expenses while keeping them manageable and predictable.
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