What is a co payment?

A co-payment, often referred to as a co-pay, is a fixed amount that a patient is required to pay out-of-pocket for specific healthcare services, such as doctor visits or prescription medications, at the time of service. The remainder of the cost is typically covered by the patient's health insurance plan. Co-pays vary depending on the type of service and the specifics of the insurance policy. They are designed to share the cost of healthcare between the insurer and the insured.