How is a co-payment typically defined?

A co-payment is typically defined as a specific amount that an insured individual must pay for a covered service or medication as outlined in their health insurance policy. This payment is made at the time of service or when a prescription is filled, and it represents a portion of the overall cost that the insurance provider will cover. Co-payments are designed to share the financial responsibility between the insurer and the insured, effectively making healthcare more affordable for patients while also discouraging unnecessary usage of medical services.

The other options do not correctly define a co-payment. The full cost of a drug represents the total price before any insurance coverage is applied, which is not indicative of the co-payment. The monthly fee for insurance refers to the premium that must be paid to maintain an insurance policy and is separate from co-payments. Lastly, the cost of services not covered by insurance refers to out-of-pocket expenses for which the insurance does not provide coverage at all, not a co-payment, which specifically pertains to services or medications that are covered under a health plan.