Copay: meaning, definitions and examples
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copay
[ ˈkoʊˌpeɪ ]
healthcare payment
A copay is a fixed amount that a patient pays for a specific medical service or prescription at the time of treatment or when purchasing medication. This cost is typically outlined in a health insurance policy and may vary based on the type of service received. Copays are used to share the cost of healthcare and may help to prevent overutilization of medical services.
Synonyms
co-payment, out-of-pocket cost.
Examples of usage
- I have a copay of $20 for doctor visits.
- The copay for my prescription is $10.
- Make sure to check your insurance for copay details.
- Some services may have a higher copay.
Translations
Translations of the word "copay" in other languages:
🇵🇹 co-pagamento
🇮🇳 साझा भुगतान
🇩🇪 Zuzahlung
🇮🇩 biaya bersama
🇺🇦 спільна оплата
🇵🇱 współpłacenie
🇯🇵 共同支払い
🇫🇷 co-paiement
🇪🇸 copago
🇹🇷 ortak ödeme
🇰🇷 공동 지불
🇸🇦 دفع مشترك
🇨🇿 společná platba
🇸🇰 spoločná platba
🇨🇳 共同支付
🇸🇮 skupno plačilo
🇮🇸 sameiginleg greiðsla
🇰🇿 бірлескен төлем
🇬🇪 თანამშრომლობითი გადახდა
🇦🇿 birgə ödəniş
🇲🇽 co-pago
Etymology
The term 'copay' is a shortened form of 'co-payment,' which originates from health insurance terminology. The prefix 'co-' means 'joint' or 'mutual,' while 'payment' refers to the money exchanged for services rendered. The concept of copayment emerged in the United States in the mid-20th century when health insurance plans began to evolve to share costs between insurers and insured individuals. This practice helps to manage healthcare costs and encourages responsible usage of medical resources. As the healthcare system has grown in complexity, the use of copayments has become a common feature in insurance plans, enabling patients to participate financially in their medical care.