What is coinsurance?
The Bankrate.com financial term of the day is: "Coinsurance."
Coinsurance is the part of a medical bill that's yours -- not covered by the insurance company -- and it's in addition to any health insurance deductible you might have to pay. If your health plan includes coinsurance, a percentage of your medical costs will come out of your own pocket. Coinsurance is not to be confused with copayment, which is a fee of a specific dollar amount you pay when you receive a covered medical service.
With coinsurance, your health plan expects you to shell out a percentage of what it costs to keep you healthy.
To get an insurance quote, visit the Insurance section at Bankrate.com.
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