Simply, the Copay is the amount you pay upfront when visiting the doctor. Copays can also apply for Urgent Care services, ER visits, and other services under your plan. Read your insurance plan to see if Copays can also be applied to your deductible to help pay it down faster. Most typically do not, but you may find one that does.
Not all plans have copays, so if you don’t see any listed don’t be worried quite yet. Tomorrow’s term is coinsurance. This term will help clear up what happens between deductible and out of pocket maximum. Curious? I am.
As you’re learning these terms either for the first time or refreshing yourself to prepare yourself to be an active insurance policy holder, remember this:
“Knowledge is of no value unless you put it into practice.” - Anton Chekhov
