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.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.