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The amount that an insured party pays each time they receive medical treatment as part of a cost-sharing agreement with the insurance company. A copayment (also known as a copay) is typically a fixed amount under $25, but it can vary based on the type of service provided (e.g. doctor's office visit vs. having a prescription filled).
Copayments are due at the time a service is provided.
It's important that you understand the differences between copayments, coinsurance, and deductibles.
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