Copayment / copays
Copayments, also called “copays” are a fixed sum you pay for a covered healthcare service once your deductible has been met (unlike coinsurance, which is a percentage of the cost).
For example, let’s say you have reached your deductible, have a copayment of $30, and need a doctor’s visit costing $100. In this case, you will be liable for a copayment of $30 with the health insurance plan paying out the remaining $70. If you haven’t reached your deductible, you pay the full $100.
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