Insurance Copay -

: The absolute limit on what you pay in a year. Once reached, insurance pays 100% of covered costs. Copays usually count toward this limit . 4. Important Considerations

An (or copayment) is a fixed, predetermined amount you pay out of pocket for a covered healthcare service or prescription at the time you receive it. It is a form of cost-sharing that allows you to pay a smaller portion of the total cost while your insurance company covers the remainder. 1. How Copays Work insurance copay

: A percentage of the cost (e.g., 20%) you pay after you have met your deductible. : The absolute limit on what you pay in a year

It is easy to confuse copays with other out-of-pocket costs, but they function differently: insurance copay

: Many plans waive copays for standard preventative services like annual physicals or vaccinations.