Coinsurance

What is a Coinsurance? Health Insurance

There are so many “C” works in the health insurance industry – copay, coverage, coinsurance. We’ve put all the information you need to know about coinsurance together to help you better understand why coinsurance is important and how it might be helpful for you.

For example, if your coinsurance for a therapy session is 10%, that means that out of a $100 bill you pay $10 and the insurance company pays $90.

COINSURANCE is the amount of a medical cost (Such as the cost of a therapy session) that you, (and NOT YOUR INSIRANCE COMPANY) pay; it is tipically expressed as a percentage of the total cost.

Where can I find out what my coinsurance is?

Check out your Summary and Benefits to figure out how much your coinsurance will be – and also note if you must meet your deductible before this coinsurance begins. If you have issues accessing the Summary and Benefits or need additional support in learning about your coverage, call the customer service number on the back of your insurance card.

What’s the difference between coinsurance and a copay? Which one is better?

While coinsurance is the amount of the session or appointment bill that you pay for, a copay (or copayment) is a set rate that you pay to access services. A copay might look like paying $25 each time you see your therapist. It is possible to have both a copay and owe coinsurance – check your Summary and Benefits to see if this is the case for you.