What is co-insurance?

Co-insurance is a health insurance law in Florida, that requires the insured person to cover a portion of their medical expenses. Co-insurance is calculated as a percentage of the total cost of services, with the insured person typically paying between 10 and 30 percent of the amount. The percentage amount varies depending on the policy and the insurance company. For example, if a policy has a co-insurance rate of 20%, the insured person would be responsible for 20% of their medical expenses, and the insurance company would cover the remaining 80%. Co-insurance is generally paid after the deductible has been met. This means that once a certain amount of expenses has been incurred, the insurer will start to pay its portion, and the insured person will pay the co-insurance amount. In some cases, the insured person may have to pay the co-insurance amount upfront, and will be reimbursed by the insurance company. Co-insurance is meant to encourage people to monitor and control their health care costs, as they are responsible for a portion of the expenses.

Related FAQs

What is an out-of-pocket minimum?
What is an annual maximum?
What is an open enrollment period?
What are the different types of health insurance deductibles?
How does health insurance work?
What is a healthcare provider network?
What does health insurance cover?
What is a Dependent Care Assistance Program (DCAP)?
What is a cost sharing reduction (CSR)?
How can I reduce my health insurance costs?

What is co-insurance?

Related FAQs

Related Blog Posts