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Co Payment Definition and Explanation PDF Download

Learn Co Payment definition in hrm with explanation to study “What is Co-Payment”. Study co payment explanation with HRM terms to review HRM course for online MBA programs.

Co Payment Definition:

  • Strategy requiring employees to pay a portion of the cost of insurance premiums, medical care, and prescription drugs.

    Human Resource Management by Robert L. Mathis, John H. Jackson



Co Payment Explanation:

A co-pay is a fixed out-of-pocket sum paid by a guaranteed for secured administrations. It is a standard piece of numerous medical coverage plans. Protection suppliers frequently charge co-pays for administrations, for example, specialist visits or medicines drugs. Co-pays are a predetermined dollar sum instead of a level of the bill, and they generally paid at the hour of administration. A copayment or copay is a fixed sum for a secured administration, paid by a patient to the supplier of administration before accepting the administration. It might be characterized in a protection arrangement and paid by a guaranteed individual each time a restorative administration is gotten to. It is in fact a type of coinsurance, however is characterized distinctively in medical coverage where a coinsurance is a rate installment after the deductible up to a specific point of confinement. It must be paid before any approach advantage is payable by an insurance agency. Copayments don't more often than not contribute towards any strategy out-of-pocket maxima while coinsurance installments do.

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