What is coinsurance?
Coinsurance is the term used by health insurance companies to refer to the amount that you are required to pay for a medical claim, apart from any co-payments or deductible. For example, if your health insurance plan has a 20% coinsurance requirement (and does not have any additional co-payment or deductible requirements), then a $100 medical bill would cost you $20, and the insurance company would pay the remaining $80.
Having a health plan that requires you to pay a coinsurance, or percentage participation, rate means that youll essentially be splitting the cost of your healthcare with your insurance carrier. For instance, if your health plan has an 80/20 co-insurance rate, (coinsurance rates of 70/30 90/10, and flat rates of $5.00 to $20.00 per doctors office visit are also common) your insurance plan pays for 80% of your eligible medical expenses and youre responsible for the remaining 20%.
A. Coinsurance is the term used by health insurance companies to refer to the amount that you are required to pay for a medical claim, apart from any co-payments or deductible. For example, if your health insurance plan has a 20% coinsurance requirement (and does not have any additional co-payment or deductible requirements), then a $100 medical bill would cost you $20, and the insurance company would pay the remaining $80.
Coinsurance is the percentage of covered charges that your clients must pay for certain covered services after the deductible has been met. With most plans, after your clients have met the deductible, they will pay a percentage of covered charges for services from a Preferred Provider and a percentage of covered charges for services from a Nonpreferred Provider. Check the Summary of Benefits for the specific percentage of covered charges they will have to pay for different services.
Coinsurance is the percentage of covered charges that you must pay for certain covered services after the deductible has been met. With most plans, after you have met the deductible you will pay a percentage of covered charges for services from a Preferred Provider and a percentage of covered charges for services from a Nonpreferred Provider. Check your Summary of Benefits for the specific percentage of covered charges you will have to pay for different services.
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- What is coinsurance?
