Health insurance can be confusing. We’re here to help. Here’s an explanation of an often misunderstood health insurance term and what it means.
COINSURANCE is the amount or percentage of medical expenses you are required to pay. Your insurance company pays the rest.
Coinsurance is one way your insurance company shares medical costs with you. Coinsurance typically kicks in after you have paid a copayment and reached your deductible.
Here is a brief explanation of coinsurance.
HOW COINSURANCE WORKS
If you get a $100 hospital bill, and your deductible has already been met, the $100 is subject to coinsurance.
If your plan has 20 percent coinsurance, you would pay $20 of the $100. Your insurance company would pay the remaining $80.
Coinsurance amounts vary depending upon the details of your plan and your network.
Please call the phone number on the back of your ID card if you have any questions.
Ryan Schuster is an editor in the Communications department at Blue Cross Blue Shield of North Dakota.