copay

copay

A cost-sharing arrangement in which the HMO enrollee pays a specified flat amount for a specific service (such as $30.00 for an office visit or $18.00 for each prescription drug). The amount paid must be nominal to avoid becoming a barrier to care. It does not vary with the cost of the service, unlike coinsurance that is based on some percentage of cost. Supplemental cost-sharing arrangement in which an HMO enrollee pays a specified amount for a specific service.

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Part of Speech: noun
Synonym(s): copayment_₅
Blossary:
Industry/Domain: Health care; Insurance
Category: Managed care; Health insurance
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