COINSURANCE Definition & Meaning

coinsurance

[ koh-in-shoor-uhns, -shur- ]

Phonetic (Standard)IPA

noun

insurance none underwritten jointly with another or others.
a form of property insurance in which an insurer assumes liability only for that proportion of a loss which the amount of insurance bears to a specified percentage of the value of the property.
1. a form of health insurance in which the insured party contributes a specified percentage of the total cost of medical expenses after a deductible has been reached.
2. the percentage contributed by the insured party: Compare copay.
  My coinsurance is 20%.

coinsurance

/ -ˈʃɔː-; ˌkəʊɪnˈʃʊərəns /

noun

a method of insurance by which property is insured for a certain percentage of its value by a commercial insurance policy while the owner assumes liability for the remainder
joint insurance held by two or more persons

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51�Թ� History and Origins

Origin of coinsurance¹

First recorded in 1885–90; co- none + insurance none

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Example Sentences

Examples have not been reviewed.

In fact, insurance companies typically set coinsurance and copay amounts based on a drug's original list price, not the negotiated price.

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Every plan has set costs, like the monthly premiums, plus the costs of care, which include the deductible and any copays and coinsurance.

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Research the rest of the plan’s costs before you sign up, including deductibles, copays, coinsurance and the out-of-pocket maximum, which is the most you might have to spend on covered care in a year.

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For example, if you have both Medicare and Medicaid, Medicare pays for services first, and then Medicaid pays for additional costs that Medicare didn’t cover, such as certain copays, coinsurance and deductibles.

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That could help some patients who have coverage but still face big bills like coinsurance payments when they get a prescription.

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