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.
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.