Definition, Meaning & Synonyms
coinsurance
noun
/ˈkɔɪnˌʊəˌrɛns/
Definition
A type of insurance in which the insured pays a certain percentage of the costs after a deductible has been met.
Examples
- After meeting the deductible, I only have to pay 20% coinsurance for my medical bills.
- Your health plan may require 30% coinsurance for specialist visits.
Meaning
Coinsurance is commonly used in health insurance policies, requiring the insured party to share the costs of covered services with the insurer, typically after the insured has paid a deductible.
Synonyms
- cost-sharing
- shared risk
- percentage payment
