coinsurance

noun

co·​in·​sur·​ance ˌkō-ən-ˈshu̇r-ən(t)s 

 also  -ˈin-ˌshu̇r-

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

Almost a third of drug plans changed a copayment to a coinsurance. —Diane Omdahl, Forbes, 17 Sep. 2024

Discounts, coinsurance and copays will affect the final prices. —C. A. Bridges, The Arizona Republic, 16 Aug. 2024

In many cases, people who get coverage through an employer or the ACA marketplace find out they're expected to pay for a larger share of their health bills through deductibles and coinsurance. —Ken Alltucker, USA TODAY, 15 Apr. 2024

In France, for example, the medical system covers most hospital, long-term care, and prescription drug costs, but people are responsible for coinsurance and copayments. —Katie Camero, SELF, 8 Aug. 2024

Word History

First Known Use

circa 1889, in the meaning defined at sense 1

Medical Definition

coinsurance

noun

co·​in·​sur·​ance ˌkō-ən-ˈshu̇r-ən(t)s, -ˈshər- also -ˈin-ˌshu̇r-, -ˌshər- 

: 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

Legal Definition

coinsurance

noun

co·​in·​sur·​ance ˌkō-in-ˈshu̇r-əns, kō-ˈin-ˌshu̇r- 

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