What is co-insurance?

Co-insurance is a type of cost sharing in health insurance plans. It means that once you have met your deductible, you and your health insurance company will share the cost of your care. For example, if your health insurance plan has a 80/20 co-insurance, then you’ll pay 20% of the cost of care, and your health insurance company will pay 80% of the cost. In Washington, some health insurance plans may require you to pay a certain percentage of the cost for certain services, such as hospital stays or specialist visits. In these cases, the percentage you must pay is known as your co-insurance rate. Co-insurance can lower your out-of-pocket costs by helping to reduce the amount you pay for care. It can also help to spread the cost of care across more people, which can help make health insurance more affordable.

Related FAQs

What is a health insurance plan selector tool?
What is a capitated plan?
What is a Grace Period?
What is a high deductible health plan (HDHP)?
What is an excluded service?
What is the difference between Medicare and Medicaid?
What is a health insurance rider?
Who is eligible for health insurance?
What is an employer shared responsibility payment?
What is a lifetime maximum?

What is co-insurance?

Related FAQs

Related Blog Posts