What does 50% coinsurance after deductible mean?
The term “50% coinsurance after deductible” means that once the deductible is paid, the customer needs to pay 50 percent of the bill. This is often the case with less expensive insurance policies that provide less benefits to customers.
A deductible is an amount which a customer must pay on an insurance policy before the insurance company will cover any costs. These range in amounts, but are usually between $500 and $1,000. Once this deductible is paid, it does not have to be paid again until January 1 of the next calendar year in most cases. Some companies may have slightly different rules about their particular deductibles.
Coinsurance terminology is often used interchangeably with the term “co-pay.” A co-pay is paid each time a patient on a health insurance plan seeks medical attention. These amounts vary from policy to policy, but are generally between $5 and $30 per visit. A copay can change each year if different aspects of an insurance policy change.
- What is the difference between a coinsurance and a deductible?
- What does it mean that health insurance pays a certain percentage after a deductible?
- What could cause my deductible to increase?
- What is the difference between an annual deductible and an annual out-of-pocket maximum on health insurance?
- When does a health care deductible start over?