coinsurance

noun
co·​in·​sur·​ance | \ ˌkō-ən-ˈshu̇r-ən(t)s also -ˈin-ˌshu̇r- How to pronounce coinsurance (audio) \

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 pays for diagnostic lab tests according to a fee schedule, with no deductible or coinsurance costs for patients, but only when medically necessary. Melissa Ramsey, Houston Chronicle, "BBB on Seniors: Fraud alert — Be on lookout for genetic testing scam," 20 Sep. 2019 Contact: 330-764-9300 Assistance: Helps Medicare recipients pay for Medicare premiums, deductibles and coinsurance. Julie Washington, cleveland, "Where to get help paying your medical bill: Health Matters," 1 Dec. 2019 The Assistance Fund, based in Orlando, says its mission is to help patients manage copays, coinsurance, deductibles, and other expenses related to their disease or chronic condition. Elizabeth Cooney, STAT, "Patient charity settles allegations it helped MS drug makers pay kickbacks," 20 Nov. 2019 Most workers that need care or prescription drugs have substantial co-payments or coinsurance to deal with as well. Washington Post, "You get sick. Then the hospital bill makes you ill.," 14 Nov. 2019 Preferred provider plans with lower deductibles and standardized co-pays or coinsurance can help employees better predict out-of-pocket health-care costs. Walecia Konrad, CBS News, "What to watch for during health-care enrollment season at work," 1 Nov. 2019 SHIPs can help answer questions about coverage, premiums, deductibles, coinsurance, or complaints and appeals. Washington Post, "It’s a good deal for most older Americans, but Medicare is neither free nor easy," 11 Oct. 2019 The amounts varied depending on the plan, from an average 20 percent coinsurance charge to an average $326 copayment. Michelle Andrews, NBC News, "As health care costs rise, workers at low-wage firms may pay a larger share," 25 Sep. 2019 Once a hospital stay stretches past 60 days, patients also must pay coinsurance of $341 per day. San Diego Union-Tribune, "Don’t assume you can rely on traditional Medicare alone," 23 Sep. 2019

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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Cite this Entry

“Coinsurance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/coinsurance. Accessed 28 Feb. 2020.

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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

Rhyming Dictionary: Words that rhyme with coinsurance

Britannica.com: Encyclopedia article about coinsurance

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