How does coinsurance work?
An example of an AI chatbot conversation about how coinsurance functions in health insurance.
Can you explain how coinsurance works in health insurance?
Sure! Coinsurance is the percentage of costs you pay for covered healthcare services after you've met your deductible.
What is the typical coinsurance rate?
Typically, coinsurance rates can range from 10% to 30%, depending on your insurance plan.
How does it differ from a copayment?
A copayment is a fixed amount you pay for a service, while coinsurance is a percentage of the total cost.
Can you give me an example of how coinsurance works in practice?
Of course! If your plan has a 20% coinsurance and you have a $1,000 medical bill, you would pay $200 after your deductible.
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