When you are geting health insurance, what does coin insurance mean?

Question

i am comparing insurances right now and some have coininsurance, some say 20% after deductible and some say 20% coininsurance after deductible.. what is coininsurance?

Answer 1

The term is co-insurance, which means that they will insure you for a portion of the cost after the deductible is met. So, when it says "80/20 co-insurance", they will pay 80% after deductible, and you will be responsible for the remaining 20%.

Answer 2

Dilbert's answer is not 100% correct. COIN is an abbreviation for CO-INsurance. It just means that you pay a portion & the insurance co. pays a portion.

If your plan is deductible then 20% COIN, it means that you pay 100% of the deductible & then 20% of the remaining charges. The insurance company pays the other 80%.

A charge that you pay every time you go is generally called a copay. If you pay $15 per visit or something similar, that is a copay.

Answer 3

The coinsurance is the money that you pay for the medical bill after you've paid the deductible.

For example - you go into the hospital and have a $1000 deductible. You pay the first $1000. Then you have a 20% coinsurance that you have to pay so if the hospital bill is $2000 you pay $1000 plus 20% of the next $1000, or $200. Your total payment is $1200.

The coinsurance is capped (called out of pocket maximum), usually at around 2 or 3 times your deductible. So if you have a $1000 deductible and 20% coinsurance capped at $3000 then if you have a $100,000 hospital bill the most you pay is $4000.

Answer 4

I don't know the exact meaning of co-insurance, but the short story is that it's a formula used by insurance companies to determine your portion of the charges. Instead of a copay, which is a set dollar amount every time (usually anywhere from $2 to $40, depending on the plan) Meaning, if a doctor bills $80 for a visit, and the insurance's contracted rate is $55.01 and they pay 80% and you pay 20%, the insurance is going to pay $44.01 and you're going to have to pay $11 for that visit. The more expensive a visit is, the more you'll have to pay, but it will be less than the insurance pays and less than the doctor bills the insurance. Obviously, you want to have the smallest percentage of co-insurance, it ranges from 10% to 50%, with 20% being the most common.

Answer 5

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RE :When you are geting health insurance, what does coin insurance mean?
i am comparing insurances right now and some have coininsurance, some say 20% after deductible and some say 20% coininsurance after deductible.. what is coininsurance?
Follow 13 answers

Answer 6

If your co-insurance is 80/20 it means that the ins. will pay 80 percent of qualifying charges and you are responsible for 20 percent.

Answer 7

you mean Co-insurance.When you have more than one health insurance company,they have to coordinate with one another so they don't pay twice.I had it for a while and the extra claim forms weren't worth it.Usually it's when you and your spouse both work and each has a different health plan that covers you both,there is overlapping coverage.Deductibles still apply,so you pay deductibles to both companies.

Answer 8

Interesting question!

Answer 9

You mean CO insurance, not COIN insurance.

"Coin" is just a Coincidence.

Coinsurance means you pay a copayment each time you visit a health care professional.

Answer 10

This is a very interesting topic