Coinsurance is a form of cost-sharing between you and your insurance company. This means that you healthcare costs will be split, after the annual deductible is met.
Let’s say you go to the doctor for a sprained ankle. A plan with a 20% coinsurance means that you will pay 20% for healthcare services while your insurance company will pay 80%.
The same idea works for prescription drugs if it’s covered under your plan. If a prescription costs $100, you will pay $20 at the pharmacy and the insurance company will cover the remaining $80.
Remember, coinsurance will go into effect only after the deductible has been met.
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