November 19, 2020
What is Coinsurance?
Depending on what type of health insurance plan you get, coinsurance will be included in the plan. What is coinsurance? It is the percentage of covered health service you will pay for out-of-pocket after you meet your deductible. When your deductible is met, you will pay the full negotiated rate for a given covered health care cost in full.
Nearly every kind of health insurance plan has coinsurance. For example, if your medical bill is $1000 and your coinsurance is 20%, if you have not met your deductible yet, you will pay the full $1000. After meeting your deductible, you will pay a coinsurance amount of $200. Plans with higher monthly premiums typically have lower deductibles and lower coinsurance amounts.
Comparing Coinsurance, Copays, and Deductibles
The most confusing aspect of individual health insurance is wondering how much you pay for medical care when you pay it, and under what condition. Where most of the confusion occurs is in understanding the difference between coinsurance, copays, and deductibles.
How Does Coinsurance Fit into Out-of-Pocket Expenses?
Coinsurance is an out-of-pocket expense. It is something extra you pay when you receive health care, on top of your monthly premium. Your plan might charge a copay for one type of service and coinsurance for another in some cases.
To fully understand how out-of-pocket expenses work, there are three additional terms to learn: deductibles, out-of-pocket maximums, and annual limits.
Which Health Insurance Plan is Best for Me?
You may be wondering which health insurance company is the best? When choosing a plan, you first need to assess your personal healthcare needs, look at all your options, and choose a health insurance plan that fits in your budget. How do you determine which health insurance is best? Ask yourself these questions:
- How often do you visit your doctor?
- What type of treatment do you need in the next 12 months?
- What prescription drugs do you currently take?
- Which healthcare providers/physicians do you prefer?
Once you decide your healthcare needs, you can narrow your search to health insurance companies in your state. Some of the health insurance providers that we work with include:
We Offer Affordable Health Insurance in These States:
Contact Insurance Enterprise for Premier Health Insurance
If you have questions about group or individual health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.