Florida Health Insurance Terms:
Define: "CoPay & Coinsurance"
Coinsurance: A provision of an insurance policy or program by which you, the insured, shares in the cost of covered services on a predetermined percentage basis. The health plan you purchase assumes only a certain percentage of the cost while you pay the remainder.
Coinsurance is usually paid after the insured meets the plan deductible. For example, let's say you buy a health insurance plan with "80/20" coinsurance - that means, after the deductible is paid by you, the insurance company will pay 80% of the remaining covered expenses up to a set amount and the insured will pay 20%
Definition 2 - More generally, a sharing of risk between the insurer and the insured. also called copay. Related Terms: major medical insurance
News Article: More Information About: "Coinsurance or Copay"
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