coinsurance

noun

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co·in·sur·ance | \ ˌkō-ən-ˈshu̇r-ən(t)s

also -ˈin-ˌshu̇r- \

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 There was no apparent business reason for the credit-coinsurance contracts. — Jay Adkisson, Forbes, 13 May 2022 Any copay, deductible or coinsurance is the financial obligation of the person seeking care, not the insurance company. — WSJ, 14 Apr. 2022 Gossett said rising out-of-pocket costs are due to increasing insurance deductibles, copayments and coinsurance. — Stephen Singer, courant.com, 14 Feb. 2022 Consumers with private insurance will be able to obtain the tests without any cost sharing such as deductibles, coinsurance or copayments, according to the new policy. — Stephanie Armour, WSJ, 10 Jan. 2022 The funds can be used to pay for bills that count toward your deductibles, copayments, coinsurance, and some other expenses (but generally not your health insurance premiums). — Margaret Littman, Health.com, 30 Nov. 2021 The cost for this type of therapy depends on whether or not insurance is covering it and what the deductible or coinsurance plan is. — Claire Sibonney, SELF, 29 Sep. 2021 Workers also have paid a larger share of their heath costs through co-pays, deductibles and coinsurance that require people to pay a percentage of their medical bill. — Ken Alltucker, USA TODAY, 11 Nov. 2021 But along with premiums, look into a plan’s out-of-pocket costs, including copayments, deductibles and coinsurance costs. — Cindy Krischer Goodman, sun-sentinel.com, 20 Oct. 2021 See More

These 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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Last Updated

25 May 2022

Cite this Entry

“Coinsurance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/coinsurance. Accessed 28 May. 2022.

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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

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