What is a copay?

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Multiple Choice

What is a copay?

Explanation:
Copay is a fixed amount you pay at the time you receive a covered service. It’s not a percentage of the bill and it isn’t the deductible you must meet before coverage kicks in, nor is it the annual maximum that limits total payments. For example, you might pay a $20 copay for a visit, regardless of the actual $150 charge, with the insurer covering the rest according to your plan’s rules. Copays are designed to simplify costs at the point of service and can vary by service type and plan.

Copay is a fixed amount you pay at the time you receive a covered service. It’s not a percentage of the bill and it isn’t the deductible you must meet before coverage kicks in, nor is it the annual maximum that limits total payments. For example, you might pay a $20 copay for a visit, regardless of the actual $150 charge, with the insurer covering the rest according to your plan’s rules. Copays are designed to simplify costs at the point of service and can vary by service type and plan.

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