Co-insurance

Definition

  • An insurance policy where both the insurer and the insured agree to split costs in a set ratio a claim is submitted. For example, if an individual has a 90/10 co-insurance health plan with a $500 deductible, then the insured agrees at pay 10% of all healthcare costs on top of a $500 deductible if a claim is made.

Synonyms
health insurance plan, shared deductibles, co-operative insurance

Alternate Spellings
Co-payment

Related Terms and Acronyms

  • First Dollar Coverage Definition,
    • Insurance coverage that does not require the insured to pay a deductible.
  • Group Health Insurance Plan Definition,
    • Health insurance that covers a large group of people, often as part as a employee benefit package.
  • Health Insurance (HI) Acronym,
    • Insurance that covers the costs of medical expenses for insured persons.
  • Health Maintenance Organization (HMO) Acronym, Important,
    • A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
  • Insurance Policy Definition,
    • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • Life Insurance Definition, Very Important,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • Stop Loss Insurance Definition,
    • A low premium, high deductible insurance policy with an upper limit on coverage.
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