Typically, if you have a coinsurance of 80%, your insurer will cover 80% of your covered medical costs once you meet your deductible.
While you will be responsible for 20%. If you have a bill of $2,000 and have met your deductible.
You would pay $400 and your insurance company would pay $1,000.
You will be responsible for a smaller percentage of your covered medical costs if you have a lower coinsurance amount.
Coinsurance is something to be thankful for to have in light of the fact that it makes you answerable for a small portion of a covered doctor’s visit expense rather than the whole sum.
That being said, coinsurance sums fluctuate, with 20% and 30% being normal.
