Copay
A fixed dollar amount you pay for a specific medical service at the time you receive it. Copays are common in health insurance and do not vary based on the total cost of the service. They are separate from your deductible.
Real-World Example
Lisa pays a $30 copay every time she visits her primary care doctor, regardless of what tests or treatments are performed during the visit.
Related Terms
Disclaimer: This glossary entry is for informational purposes only and does not constitute financial or insurance advice. Consult with a licensed insurance professional for personalized guidance. GuardianChoices may earn affiliate commissions from links on this site — see our advertiser disclosure.
Get Our Free Insurance Buying Guide
Money-saving tips, comparison checklists, and red flags to avoid — for every type of insurance. Delivered free to your inbox.
We respect your privacy. Unsubscribe at any time.