What is a Copay?
In health insurance or dental plans, a copay (or co-pay) is a flat dollar amount that you pay for a service such as an office visit or a prescription medication.
The term coinsurance (or co-insurance) is also often used to mean the same thing, but is more commonly defined as a split of charges based on a percentage. (see coinsurance)
Whichever term is used, it refers to a sharing of costs with the insurance company.
I you are paying $20 for a doctor visit, the insurance company will usually also pay the doctor the difference between the copay and the contracted amount the company allows for the service.
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