What Does Co-pay Mean?

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What does Co-pay mean? Read on to discover the definition & meaning of the term Co-pay - to help you better understand the language used in insurance policies.

Co-pay

Co-pay

A co-pay is a set dollar amount a policyholder must pay out of pocket for health care services, such as a doctor's appointment and prescription medications, upon receiving the service, with the insurance company covering the rest of the costs. It is not the same as coinsurance, wherein the policyholder pays a certain percentage of the total covered costs.

We hope the you have a better understanding of the meaning of Co-pay.

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