coinsurance
noun
co·in·sur·ance
| \ ˌkō-ən-ˈshu̇r-ən(t)s also -ˈin-ˌshu̇r-
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Definition of coinsurance
1
: joint assumption of risk (as by two underwriters) with another
2
: insurance (such as fire insurance) in which the insured is obligated to maintain coverage on a risk at a stipulated percentage of its total value or in the event of loss suffer a penalty in proportion to the deficiency
3
: health insurance in which the insured is required to pay a fixed percentage of the cost of medical expenses after the deductible has been paid and the insurer pays the remaining expenses
Coinsurance is not a new idea—Americans who grew up in the era before managed care will remember their parents paying 20% of the costs of office visits, tests, and prescriptions.— Thomas H. Lee et al.
Examples of coinsurance in a Sentence
Recent Examples on the Web
Hearing aids were promised to them at no cost, and the Andersons said their company would waive any copayments, coinsurance or deductibles. — Loyd Brumfield, Dallas News, "Dallas father, son get prison for $27M hearing-aid scam targeting American Airlines workers," 15 Aug. 2019 The other $3,020 consisted of deductibles, co-payments and coinsurance. — Megan Cerullo, CBS News, "Here's how much a family with good health insurance spent last year," 21 Aug. 2019 Under the law, patients will be responsible only for their applicable co-pays, coinsurance and deductibles, leaving health care providers and insurers to fight over payments for out-of-network care. — Laura Garcia, ExpressNews.com, "Texas lawmakers crack down on ‘surprise medical bills,’ tighten rules on freestanding ERs," 18 June 2019 Meanwhile, every Medicare Part D plan uses coinsurance for high-cost drugs, requiring patients to pay a percentage of the list price. — WSJ, "Drug-Price Transparency Helps Consumers," 23 Oct. 2018 FSAs got their start as a workplace perk through the Revenue Act of 1978, which allowed employees to set aside tax-free dollars to pay for medical expenses like deductibles and coinsurance. — Janet Adamy, WSJ, "Why Santa Plans to Leave Ice Packs, Bandages and a Defibrillator in Your Stocking," 23 Dec. 2018 The agency said its planned experiment would reduce spending on the drugs by about 30% and save seniors money by lowering their coinsurance payments. — Joseph Walker, WSJ, "Trump Offers Test Plan to Lower Medicare Drug Costs," 25 Oct. 2018 The copay will be waived, but Medicare beneficiaries will still be responsible for a portion of the bill under the coinsurance provision of their plan, Siddique said. — Sarah Gantz, Philly.com, "Patient beware: Insurance covers colonoscopies in full - except when it doesn't," 20 Apr. 2018 Proponents say that in an age of increasingly high deductibles and coinsurance charges, such help is the only way some patients can afford crucial medications. — Special To The Oregonian, OregonLive.com, "Prescription drug copay help: 2018 changes leave patients paying more," 4 June 2018These example sentences are selected automatically from various online news sources to reflect current usage of the word 'coinsurance.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for coinsurance
coinsurance
noun
co·in·sur·ance
| \ ˌkō-ən-ˈshu̇r-ən(t)s, -ˈshər- also -ˈin-ˌshu̇r-, -ˌshər-
\
\
Medical Definition of coinsurance
: health insurance in which an insurer requires the insured to pay a fixed percentage of the cost of medical expenses after the deductible has been paid and with the insurer to pay the remaining expenses
Coinsurance is not a new idea—Americans who grew up in the era before managed care will remember their parents paying 20% of the costs of office visits, tests, and prescriptions.— Thomas H. Lee et al., The New England Journal of Medicine, 24 July 2008
coinsurance
noun
co·in·sur·ance
| \ ˌkō-in-ˈshu̇r-əns, kō-ˈin-ˌshu̇r-
\
\
Legal Definition of coinsurance
1
: joint assumption of risk (as by two underwriters) with another
2
: insurance (as fire insurance) in which the insured is obligated to maintain coverage on a risk at a stipulated percentage of its total value or in the event of loss to suffer a penalty in proportion to the deficiency