![]() In short, It refers to the percentage of medical costs that you are responsible for paying after your deductible has been met. If it’s still a bit confusing, keep reading for some real-world examples that will help explain it a bit better. It typically refers to the percentage you’re obligated to pay towards a claim, while your insurer picks up the remaining percentage. What Is Coinsurance?Ĭoinsurance is a form of cost-sharing between you and your health insurance provider. So, the next time you find yourself asking, “what is coinsurance?” Here’s what you need to know. If you’re looking through your policy and see a term you don’t recognize, we’re here to help. Health insurance jargon is complex, to say the least, and that’s what so many end up paying for hidden costs that aren’t so hidden. There’s a reason so many people turn to health insurance agents and brokers when they’re shopping for the perfect plan, it’s because understanding what you’re signing up for is nearly impossible. ![]() It’s also important to remember that some services may not be covered by your insurance at all, so knowing your specific coinsurance rate can help ensure that you don’t find yourself with a large surprise bill after treatment. Understanding your coinsurance rate can help you budget for any medical expenses you might incur, and adjust your healthcare plan if necessary. Coinsurance usually kicks in after the deductible has been met and can range anywhere from 10% to 50%, depending on your health plan. Knowing about coinsurance and how it works is important because it affects how much you’ll end up paying out-of-pocket for healthcare costs.
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