What does COPAY mean?

Copay

Part of Speech: Noun

Definition: A copay, short for copayment, is a fixed amount of money that an individual pays for healthcare services or prescription drugs, usually at the time of service or purchase. Copays are typically set by health insurance providers and can vary depending on the plan and the service being provided.

Pronunciations: US: /ˈkoʊpeɪ/; UK: /ˈkəʊpeɪ/

Origin and Usage: The term "copay" originated in the United States in the 1940s as a way for health insurance providers to share the cost of medical care with their customers. Copays have become a standard feature of many health insurance plans in the US and are also used in some other countries.

Synonyms: Copayment, out-of-pocket cost, patient responsibility

Related Words: Payee, repay, layup, soapy, happy

Example Sentences:

• She had to pay a $20 copay for her doctors visit.
• The copay for her prescription was only $5.
• Some insurance plans have higher copays for specialist visits.