My agent said I need to be concerned about coinsurance. What is coinsurance?
Total Comments: 25
Posted: Sat Oct 11, 2014 07:37 am Post Subject:
It is a policy provision under which you and insurance company share the total cost of covered medical services as a fixed percentage after metting with deductible.
Posted: Sun Oct 12, 2014 02:38 pm Post Subject:
Wrong discussion.
Posted: Mon Nov 17, 2014 10:55 am Post Subject:
Co-insurance is a co-sharing contract among the insured and the insurer within a health insurance plan which offers that the insured will cover a set percentage of the covered prices right after the insurance deductible has been paid out.
Posted: Mon Nov 17, 2014 03:02 pm Post Subject:
While this answer about health insurance is not quite properly stated, this forum is about BUSINESS INSURANCE, and the "co-insurance" concept in Property and Casualty insurance is a different discussion.
In P&C policies, the co-insurance clause requires the insured to carry the correct minimum amount of insurance on business property or risk not having 100% of a covered loss paid by the insurance company. Normally, that minimum amount is 80% of replacement cost. Failure to carry at least that much coverage will result in only a corresponding percentage of a covered loss paid for by the insurer.
Posted: Sat Nov 22, 2014 06:12 am Post Subject:
Coinsurance is the percentage you’re needed to pay of the allowed amount for a health care service. For example, an 80/20 coinsurance policy with a $300 insurance deductible involves the insured to pay out 20% of the covered costs after the insurance deductible as been paid, while the insurance provider company will be responsible for the leftover 80%.
Posted: Sat Oct 11, 2014 07:37 am Post Subject:
It is a policy provision under which you and insurance company share the total cost of covered medical services as a fixed percentage after metting with deductible.
Posted: Sun Oct 12, 2014 02:38 pm Post Subject:
Wrong discussion.
Posted: Mon Nov 17, 2014 10:55 am Post Subject:
Co-insurance is a co-sharing contract among the insured and the insurer within a health insurance plan which offers that the insured will cover a set percentage of the covered prices right after the insurance deductible has been paid out.
Posted: Mon Nov 17, 2014 03:02 pm Post Subject:
While this answer about health insurance is not quite properly stated, this forum is about BUSINESS INSURANCE, and the "co-insurance" concept in Property and Casualty insurance is a different discussion.
In P&C policies, the co-insurance clause requires the insured to carry the correct minimum amount of insurance on business property or risk not having 100% of a covered loss paid by the insurance company. Normally, that minimum amount is 80% of replacement cost. Failure to carry at least that much coverage will result in only a corresponding percentage of a covered loss paid for by the insurer.
Posted: Sat Nov 22, 2014 06:12 am Post Subject:
Coinsurance is the percentage you’re needed to pay of the allowed amount for a health care service. For example, an 80/20 coinsurance policy with a $300 insurance deductible involves the insured to pay out 20% of the covered costs after the insurance deductible as been paid, while the insurance provider company will be responsible for the leftover 80%.
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