coinsurance

[koh-in-shoor-uhns, -shur-]

noun

1. insurance underwritten jointly with another or others.

2. a form of property insurance in which an insurer assumes liability only for that proportion of a loss which the amount of insurance bears to a specified percentage of the value of the property.

3. 1. a form of health insurance in which the insured party contributes a specified percentage of the total cost of medical expenses after a deductible has been reached.

   2. the percentage contributed by the insured party.

      My coinsurance is 20%.

coinsurance

/ -ˈʃɔː-, ˌkəʊɪnˈʃʊərəns /

noun

1. a method of insurance by which property is insured for a certain percentage of its value by a commercial insurance policy while the owner assumes liability for the remainder

2. joint insurance held by two or more persons

Word History and Origins

Origin of coinsurance¹

First recorded in 1885–90; co- + insurance

Example Sentences

Almost all Medicare recipients do this, because there are no out-of-pocket maximums with Medicare, so costs for copays and coinsurance could otherwise be infinite.

Read more on MarketWatch

Also, in a number of plans, medications that now come with a flat copayment will next year require “coinsurance,” a charge that represents a percentage of the medication’s total cost.

Read more on The Wall Street Journal

Plus, factor in an emergency fund for home repairs and your Medicare premium, deductibles, coinsurance and copays.

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In fact, insurance companies typically set coinsurance and copay amounts based on a drug's original list price, not the negotiated price.

Read more on Salon

Every plan has set costs, like the monthly premiums, plus the costs of care, which include the deductible and any copays and coinsurance.

Read more on Seattle Times