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A copay, short for "copay meaning," is a fixed amount of money that an individual pays out of pocket for a specific healthcare service or prescription medication, typically at the time of receiving the service or purchasing the medication. This cost-sharing mechanism is commonly used in health insurance plans to help cover the overall cost of medical care. Copayments are predetermined and can vary depending on the type of service or medication, with the insurance company covering the remaining expenses. Copays are a way for individuals to share in the cost of their healthcare while ensuring access to necessary medical services.
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Ad Detail: Understanding Copayments: What Are They?
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