What is coinsurance?
The percentage of costs of a covered health care service you pay (20%, for example) after you’ve paid your deductible. Let’s say your health insurance plan’s allowed amount for an office visit is $100 and your coinsurance is 20%.
What is an example of a coinsurance rate?
Your coinsurance rate is generally the same regardless of what medical expenses you incur. For example, let’s say that a visit to your primary care physician for anything other than your annual checkup has a $20 copay. You owe the $20 copay no matter how much your doctor charges for an office visit.
What is a waiver of coinsurance clause?
A waiver of coinsurance clause relinquishes the homeowner’s requirement to pay coinsurance. Generally, insurance companies tend to waive coinsurance only in the event of fairly small claims. In some cases, however, policies may include a waiver of coinsurance in the event of a total loss.
What is the relationship between premiums and coinsurance?
Generally speaking, plans with low monthly premiums have higher coinsurance, and plans with higher monthly premiums have lower coinsurance.
What is coinsurance and how much do I owe?
Since coinsurance is a percentage of the total cost for the service, you’ll owe a different amount of coinsurance for each service you receive. If the health care service you received was cheap, your coinsurance won’t be much.
What is the cost of co-coinsurance?
Coinsurance is typically set at 80% or 90% of the building’s replacement cost or actual cash value. This means if you have a building with a replacement cost value of $100,000 and an 80% coinsurance factor then you would only have to ensure it for $80,000 in order to avoid a penalty and get full recovery.
How do I Find my coinsurance percentage?
You should be able to locate this in the Summary of Benefits and Coverage you got when you enrolled in your health plan. Sometimes you can even find it on your health insurance card. Be careful; in some health plans, coinsurance can be the same percentage no matter what type of service you get.