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:
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