Which statement best defines coinsurance?

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Multiple Choice

Which statement best defines coinsurance?

Coinsurance is the patient's share of the cost for a covered service, expressed as a percentage of the allowed amount after the deductible has been met. For example, if the plan has 20% coinsurance and the service’s allowed amount is $1,000, once the deductible is satisfied the patient would pay $200 and the insurer would pay $800 (assuming there are no other limitations). This concept describes a portion of the cost the patient is responsible for, not a fixed fee per visit or the entire bill, and not a scenario where the insurer pays everything with no patient responsibility.

Coinsurance is the patient's share of the cost for a covered service, expressed as a percentage of the allowed amount after the deductible has been met. For example, if the plan has 20% coinsurance and the service’s allowed amount is $1,000, once the deductible is satisfied the patient would pay $200 and the insurer would pay $800 (assuming there are no other limitations). This concept describes a portion of the cost the patient is responsible for, not a fixed fee per visit or the entire bill, and not a scenario where the insurer pays everything with no patient responsibility.

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