Definition:
A copayment is a flat fee, or set amount that you may have to pay for a specific health-related service. Copayments are very common in managed care plans (such as HMOs and PPOs) and in drug plans such as Medicare Part D.
Also Known As: copay
Alternate Spellings: co-payment
Examples:
Typical copayments are $20 for a doctor visit, $50 for an emergency room visit, and $10 to $40 for a prescription medication (depending if your prescription is for a generic drug or a brand name drug).
