coinsurance

noun

co·​in·​sur·​ance ˌkō-ən-ˈshu̇r-ən(t)s How to pronounce coinsurance (audio)
 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
Examples are automatically compiled from online sources to show current usage. Read More Opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback.
Medicare Advantage plans typically combine coverage for hospital and outpatient care and prescriptions, while eliminating the 20% coinsurance requirement and capping customers' annual out-of-pocket costs. Stephanie Armour, CBS News, 4 Nov. 2024 After a deductible is met, an insurance company usually pays a part of subsequent medical claims (known as coinsurance) until that maximum is reached. Aria Bendix, NBC News, 30 Oct. 2024 And 30% of plans increased the coinsurance for Tier 4 and Tier 5 drugs. Diane Omdahl, Forbes, 17 Sep. 2024 This limit applies to deductibles, copayments, and coinsurance for covered drugs but doesn’t apply to premiums.1 The cap also doesn’t apply to drugs not covered by your plan. Fran Kritz, Verywell Health, 3 Oct. 2024 See all Example Sentences for coinsurance 

Word History

First Known Use

circa 1889, in the meaning defined at sense 1

Time Traveler
The first known use of coinsurance was circa 1889

Dictionary Entries Near coinsurance

Cite this Entry

“Coinsurance.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/coinsurance. Accessed 23 Nov. 2024.

Medical Definition

: 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
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

More from Merriam-Webster on coinsurance

Last Updated: - Updated example sentences
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