The term “coinsurance,” which appears in every health insurance policy, refers to your out-of-pocket cost for a covered medical or healthcare expense following the payment of your healthcare plan’s deductible, which typically renews annually.

Coinsurance, which is typically stated as a percentage and is outlined in your policy documents, enables you to split the cost of the insured service with the insurance company. Your insurance company bears the insured portion, while you bear the remainder.

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