I’ve heard about Coinsurance what is that?
The term coinsurance is simply the portion of your medical bills that are shared by you AND the Insurance company. Here’s an example, if you have an 80% to $5,000 coinsurance; • Your insurance company will pay for 80% of the next $5,000 in covered medical expenses. • You would have to pay for 20% of that amount as long as the expenses are covered under your plan. • So you would end up paying 20% of $5,000 or $1,000 and the Insurance company would pay the other 80% or $4,000 of the medical bill charges.
