coinsurance

noun

co·​in·​sur·​ance ˌkō-ən-ˈshu̇r-ən(t)s How to pronounce coinsurance (audio)
 also  -ˈin-ˌshu̇r-
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 Usually, plans require that beneficiaries pay a percentage coinsurance for specialty drugs (defined as those with 30-day cost of more than $830 in 2023). Mariana Socal, STAT, 8 Sep. 2023 Under catastrophic coverage, patients are only charged either a copayment — which is a set amount, usually $10 or $20 per prescription — or a coinsurance percentage, which is set at 5% of the cost of the drug. Berkeley Lovelace Jr., NBC News, 16 Aug. 2022 There also will be a 10% coinsurance charge for outpatient services at hospitals or ambulatory surgery centers. Dan Petrella, Chicago Tribune, 16 June 2023 Unlike Original Medicare, which a 20% coinsurance for Part B services including doctor’s visits, most Medicare Advantage plans have flat fee co-pays, which will be lower. Richard Eisenberg, Fortune Well, 9 Aug. 2023 And there are other premiums, deductibles, copays and coinsurance to consider, too. Nerd Wallet, oregonlive, 26 Jan. 2023 There’s $400-per-day coinsurance for days 61 to 90 of each hospital stay. Byrichard Eisenberg, Fortune Well, 18 July 2023 There is a $226 annual deductible and 20% coinsurance under Part B—the share you’re expected to pay after reaching your deductible. Liz Seegert, Fortune Well, 11 July 2023 But since there was a contract specifying a 50% coinsurance rate when Swedish was out of network for a particular Regence plan, those laws legally may not apply, Fiedler said. Kaiser Health News, oregonlive, 2 Mar. 2023 See More

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'coinsurance.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

circa 1889, in the meaning defined at sense 1

Time Traveler
The first known use of coinsurance was circa 1889

Dictionary Entries Near coinsurance

Cite this Entry

“Coinsurance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/coinsurance. Accessed 25 Sep. 2023.

Medical Definition

: 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

Legal Definition

coinsurance

noun
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

More from Merriam-Webster on coinsurance

Last Updated: - Updated example sentences
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