Copay is?

Copay is?

• A. A percentage of the cost after deductible.
• B. The total yearly cost of the plan.
• C. The premium paid monthly.
• D. An out-of-pocket fee paid at the time of service; may or may not go toward the out-of-pocket maximum.

Answer: (D)

A copay is a fixed amount you pay at the time you receive a covered service. It’s a set dollar amount (for example, $20) paid upfront, regardless of the total charge for the visit or service. This is different from coinsurance, which is a percentage of the cost you pay after meeting any deductible. It’s also separate from the premium, which is the monthly amount you pay to maintain coverage, and from the deductible, which is the amount you pay out of pocket before insurance helps with most costs. Whether copays count toward the out-of-pocket maximum depends on the plan; they may or may not be counted toward that limit.

A copay is a fixed amount you pay at the time you receive a covered service. It’s a set dollar amount (for example, $20) paid upfront, regardless of the total charge for the visit or service. This is different from coinsurance, which is a percentage of the cost you pay after meeting any deductible. It’s also separate from the premium, which is the monthly amount you pay to maintain coverage, and from the deductible, which is the amount you pay out of pocket before insurance helps with most costs. Whether copays count toward the out-of-pocket maximum depends on the plan; they may or may not be counted toward that limit.