Definition - What does Copayment mean?
Copayment or co-pay is an fixed amount a health insurance policyholder must pay for covered medical services, such as eye and hearing exams.
Insuranceopedia explains Copayment
Unlike co-insurance, which requires the policyholder to pay a percentage of the covered health care costs, a copayment is always a set dollar amount depending on the specific service. A schedule of benefits lays out the co-pay for every covered health service. For example, it may be $10 per prescription, $15 per routine doctor's visits and exames, and $100 per emergency room visit.
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