Definition: Coinsurance is your percentage share of covered healthcare costs after you have met your annual deductible. With 80/20 coinsurance, you pay 20% and your insurance pays 80%.
Coinsurance is the percentage of covered healthcare costs you pay after meeting your annual deductible. Your insurance pays the remainder up to your out-of-pocket maximum.
Example: Your plan has 80/20 coinsurance and you've met your deductible. You need a $1,000 procedure. You pay 20% ($200) and your insurance pays 80% ($800).
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