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
shared deductibles, health insurance plan, 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.
