Coinsurance
When looking at health insurance plans, it is not uncommon to see the term coinsurance. Coinsurance simply means the percentage of covered expenses under a medical insurance plan that is paid by the insurance company once a deductible is satisfied. For example if you hear the term 80/20 plan. That means that after the deductible is met you the subscriber will pay 20% and the insurance company will pay 80%. You will continue to pay that 20% up until you reach the annual coinsurance maximum, and then the insurance company will pay 100% up to the policy maximums.
Make sure you check your policy for it’s definitions. If you purchased your insurance through me or are looking to use me as your agent, I would be more than happy to go over this with you.
