What is coinsurance?
Co-insurance is when the insured and insurance company both pay part of the medical bill. It is the percentage of eligible expenses that the insured is responsible for after the deductible. For example: If you choose a plan that has an 80% coverage, this would make your co-insurance 20%. If you incur a bill of $100, your insurance will cover $80 and you will be responsible for the remaining $20.
Co-insurance is when the insured and insurance company both pay part of the medical bill. It is the percentage of eligible expenses that the insured is responsible for after the deductible. For example: If you…
After the deductible, your responsibility is 10% for up to $5,000, which is $500. After this, insurance will pay for covered expenses up to the policy limit. The amount is applicable for all of your…
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