![]() Okay, to fully understand coinsurance, it may help to think of how you pay for health care expenses in phases. So, if you’re mostly healthy and have a good emergency fund in place, it might be a good idea to look for a health plan with higher coinsurance. So you’ll find that most health plans with 70/30 coinsurance have lower premiums than an 80/20 plan. That’s because you’re taking on more risk. Here’s how it works: health plans with higher coinsurance usually have lower monthly premiums. Now, it’s important to remember that your coinsurance ratio directly affects your monthly premium. This is your coinsurance after you reach your deductible. Most folks are used to having a standard 80/20 coinsurance policy, which means you’re responsible for 20% of your medical expenses, and your health insurance will handle the remaining 80%. When you look at your policy, you’ll see your coinsurance shown as a fraction-something like 80/20 or 70/30. In the simplest terms, coinsurance is the percentage of health care services you’re responsible for paying after you’ve hit your deductible for the year. With coinsurance, you’re splitting the cost of medical services with your health insurance until you reach your out-of-pocket maximum. ![]() If you’re one of those puzzled folks or if you just need a refresher, don’t worry-we’ll make it simple. One of the most common questions we hear from people who are trying to understand health insurance jargon and all the different cost factors is, “What does coinsurance mean?” ![]()
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