What is copay in health insurance?

A copay (short for copayment) is a flat fee paid by the insured for some health care services.

For example, the insured might pay a flat $10 for prescriptions, and insurance covers the remaining balance up to plan and annual maximums (the maximum amount to be paid out by the insurance provider in a year).

Health and dental plans vary among insurance companies with respect to copays. Some insurers may include a copay in their plans, while others may not. Some might offer co-insurance instead of a copay, or a combination of both.

Co-insurance is another amount paid by the insured on health and dental claims, expressed as a percentage rather than a flat fee.

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