A copayment, or copay, is a set fee you pay at the time of care, such as thirty dollars for an office visit or a fixed amount for a prescription. Unlike coinsurance, it does not change with the total price of the service. Copays for a drug often depend on which formulary tier it falls into.
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Disclaimer: This definition is provided for general educational purposes only and is not legal, medical, or insurance advice. Insurance rules, deadlines, and terminology vary by plan, state, and over time. Always check your own plan documents and confirm current details before acting.