In plain English
It is a way of splitting the bill for covered health care between the insured person and the insurer. Once the deductible has been met, the insured person pays a set percentage and the insurer pays the rest.
In context
There, "coinsurance" labels the insured person's percentage share of the cost of a covered health care service after the deductible has been met, with the insurer paying the remainder.
- Situation
- Reading premium, deductible, excess, copay, limit, and out-of-pocket fields
- What it communicates
- labels a cost-sharing entry in the plan comparison page
Meaning limits
The term alone does not state the actual percentage or the amount owed for a particular covered health care service.
Examples
“After she met her deductible, her coinsurance for the covered scan was 20 percent, and the insurer paid the other 80 percent.”
“Even with the deductible already met, he still owed coinsurance for each covered therapy session.”