Co-pay or co-payment
What is a co-payment?
Is a specified dollar amount paid rather than a percentage of a medical bill. A co-pay is usually paid at the time of service, but not all medical services require a co-pay. There is fixed amount coming from your pocket paid by an insured person for covered services. The payment is a standard part of many health insurance plans. Insurance providers often charge co-pays for services such as doctor visits or prescription drugs or speech therapy. Please check with your insurance company if you have a co-pay for speech therapy. It will be important if the Provider is in the insurers network or if they are considered out of network. Sometimes out of network Providers will have a higher cost associated to any services including co-pay. It is important for you to check with the insurance company if your particular Provider is in or out of network and the associated cost.
Example: If the coverage you receive from an insurance plan for speech therapy has a $25 dollar co-pay. It means you will be required to pay $25 out of pocket to the Provider of speech therapy before the session begins every visit.
Note: If you have a financial account such as an HSA, FSA, or HRA, consider using money from those accounts to cover the payment.