Co-insurance is a portion of medical bills you agree to pay once your deductible has been met
You need to know whether your health insurance policy includes co-insurance payments before you sign up, so you can factor the cost into your final decision. Although co-insurance plans are often subject to lower premiums, this payment structure does not suit everyone.
In a conventional co-insurance plan, policyholders pay medical bills up to their annual deductible, at which point their health insurance kicks in to cover a high percentage of medical costs above this amount. The portion of the costs not covered by health insurance is known as co-insurance and must paid by the policyholder.
It is important to note that not all health insurance policies include co-insurance. At ottonova, for example, our policies do not include co-insurance payments.
Instead, our policies feature a choice of percentage-based deductibles that enable policyholders to contribute a portion of their medical bills up to an annual limit. Only paying a portion of medical bills is good for your bank balance and prevents financial concerns from forcing you to forgo treatment.