coinsurance

noun
co·​in·​sur·​ance | \ ˌkō-ən-ˈshu̇r-ən(t)s How to pronounce coinsurance (audio) 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 Medicare patients are mostly covered for COVID-19 treatments, but may have to pay deductibles, copays and coinsurance for hospital stays. CBS News, "While COVID-19 testing and vaccination are free, getting infected is not," 30 Mar. 2021 This bill is essential for early detection of breast cancer; many vital screenings and tests which early detect breast cancer are delayed due to the out of pocket costs for deductibles, copayments, and coinsurance. courant.com, "Community News For The Wethersfield Edition," 26 Mar. 2021 Blue Cross also waived $65 million in telemedicine copays during the first wave of the pandemic shutdowns and waived $39 million in copays, deductibles and coinsurance for COVID-19 testing. Jc Reindl, Detroit Free Press, "Blue Cross CEO earned $11.5M cash in 2020 during COVID-19, a moderate dip from 2019," 1 Mar. 2021 Those without any coverage for their 20% coinsurance can obtain financial assistance from one of the foundations that community oncology practices tap into to ensure that no patients go without treatment, regardless of their means to pay for it. Ted Okon, STAT, "Trump’s ‘most favored nations’ experiment undermines care for millions covered by Medicare," 11 Dec. 2020 Specifically, some patients pay full price until reaching a deductible; others pay coinsurance as a percentage of the list price rather than a flat co-pay. Robin Feldman, STAT, "Make list price the touchstone for drug pricing across the supply chain," 23 Nov. 2020 Under the new federal rule, starting in 2024 an insurance plan member can request and receive estimates of out-of-pocket costs for prescription drugs, both online and on paper, taking into account the member’s deductible, coinsurance and copays. Harris Meyer, chicagotribune.com, "Surprise Trump rule will require insurers to reveal what they actually pay for prescription drugs," 20 Nov. 2020 Under the new federal rule, starting in 2024 an insurance plan member can request and receive estimates of out-of-pocket costs for prescription drugs, both online and on paper, taking into account the member’s deductible, coinsurance, and copays. Harris Meyer, Fortune, "New Trump administration rule directs insurers to reveal what they pay for prescriptions," 19 Nov. 2020 Copays, coinsurance and deductibles can all change. Nerd Wallet, oregonlive, "5 tips for choosing a Medicare prescription drug plan," 15 Oct. 2020

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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First Known Use of coinsurance

circa 1889, in the meaning defined at sense 1

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Time Traveler for coinsurance

Time Traveler

The first known use of coinsurance was circa 1889

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Statistics for coinsurance

Last Updated

7 Apr 2021

Cite this Entry

“Coinsurance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/coinsurance. Accessed 21 Apr. 2021.

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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- How to pronounce coinsurance (audio) \

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- How to pronounce coinsurance (audio) \

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

More from Merriam-Webster on coinsurance

Britannica.com: Encyclopedia article about coinsurance

Comments on coinsurance

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