Business and Personal Finance Dictionary

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• COPAYMENT
  
  When you have fee-for-service health insurance, your insurance company will typically approve and pay a percentage of your medical bills. You are responsible for the balance due, which is called your copayment or coinsurance. Its frequently 20% to 30% of the amount your insurer approves for the visit or service. Youre also responsible for any portion of the bill that the insurer does not approve. If you have a managed-care health insurance plan, your copayment is the fixed amount you pay often $10 to $20 for each office visit or medical treatment.
  
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