Video: What Is a Co-Pay?

A co-pay is the amount paid by an insured person to supplement insurance coverage for doctor's or hospital visits. Reduce your deductible by paying a co-pay with advice from a licensed life and health insurance representative in this free video on insurance.

Video Transcript

This is John Pinelli, financial representative, talking to you today about co-pay. So, what is co-pay? Co-pay is typically the amount that you would pay as a co-insurance method paying as a supplement to when you visit the doctor, when you have a checkup, when you go into the hospital, etc. This is the amount that you pay out of pocket while your insurance company for health insurance agrees to pay the rest, so you are, in essence, supplementing your coverage by agreeing to pay this co-pay each time you go in. Now, having a co-pay can be beneficial, because oftentimes with a co-pay your deductible can be reduced or completely eliminated so you won't have to satisfy a certain amount of money through that deductible. You'll just pay say a co-payment of twenty five dollars each time that you head into the hospital or go see your doctor. An another advantage to this is it prevents, from the health side it prevents people from just going in constantly any time they have any sort of minor medical issue. Now when they go in they have to pay twenty five dollars, so they're not just going to be going in for like a loose hangnail, or a minor scrape or burn, etc. They're going to be going in for more qualified medical medical issues. So, this has been John Pinelli, financial representative, talking to you today about co-pay.

What Is a Co-Pay?

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