Is Coinsurance Right For You?

When you’re trying to get health insurance, it’s important to make sure that you’re thinking about every last option that you have. Now, many guides tell you this, but the reason why is obvious: you want to be able to provide the best level of care for you and your family. Everyone wants to save money on insurance, but the truth is this is one service that you want to make sure that you’re getting the highest level of quality as possible.

So where do most people go to get information? Online, of course. It works — after all, you’re reading this, aren’t you? Of course! There may be terms that you’re looking at online that you just aren’t quite sure about.

One type of health insurance that a lot of people don’t really get is coinsurance. If you’ve seen advertisements for coinsurance as it relates to health insurance, you might wonder what that really is.

In a nutshell, you can look at coinsurance as a percentage of your overall health care bills. When you go into a coinsurance plan, you are essentially telling the health insurance company of your choice that you’re willing to pay a percentage of all of your health care costs. This is a bit different from the actual co-pay involved with your stay. You might have to pay a co-pay as well as a percentage of the bill. This is something that might sound harsh, but it can be actually beneficial in some cases. For example, if you’re willing to take on some of the risk with the insurance company, you could find that the insurance company is much more likely to give you a lower rate than if you wanted them to carry everything. [Read more…]