What is copay?
The Bankrate.com financial term of the day is: "Copay."
When you have health insurance to cover your doctor's appointments, hospital stays and other medical services, you're typically required to kick in at least a little bit of money out of your own pocket. If your share of the cost is a flat dollar amount, such as $20 per doctor visit, it's called a copayment, or copay. Often you pay this amount up front at the time of service.
A copayment or copay is a set fee that you cough up for medical services under a health care plan.
To get a quote on new insurance coverage, visit the Insurance section at Bankrate.com.