What is coinsurance?
Coinsurance is a portion of the amount you are required to pay for a covered healthcare service. The percentage is based on your insurance plan as well as the service. Coinsurance only applies after you have met your deductible.
For example, let’s say that your health insurance plan has the following:
- Deductible of $500
- Coinsurance of 10%
- Copay of $20
Once you’ve met your deductible, you would be responsible for 10% of the cost of the covered healthcare service provided. Keep in mind that whatever you pay toward your coinsurance will be contributed toward your annual out-of-pocket maximum. Your actual costs and benefits may vary depending on your insurance company and your specific benefit plan.
More questions about insurance terminology? Please review the resources below:
Recent posts
March 17, 2021
NAVIGATING YOUR BREAST AND OVARIAN HEALTH IN THE (NEVER-ENDING) ERA OF COVID
It has been almost a year since most of us found ourselves in the completely unchartered territory of “sheltering in…
Read more about NAVIGATING YOUR BREAST AND OVARIAN HEALTH IN THE (NEVER-ENDING) ERA OF COVIDFebruary 25, 2021
I Am Glad to Know: The Importance of Carrier Screening Through the Voice of a Carrier
This Sunday, February 28th, is #RareDiseaseDay! To raise awareness and support for the rare disease community, Myriad Women’s Health partnered…
Read more about I Am Glad to Know: The Importance of Carrier Screening Through the Voice of a CarrierDecember 23, 2020
Myriad’s 7 Greatest Hits in 2020
Before we say goodbye to 2020, we’d like to thank and recognize our partners. Together, we ensure patients have access…
Read more about Myriad’s 7 Greatest Hits in 2020