RichDayHealthPlans provides plans with a range of coinsurance percentages:
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Most people with aren’t aware that they have coinsurance that affects how much they must pay for hospital visits and other expenses that go toward the deductible.
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Briefly, coinsurance is the amount you must pay after you have paid your deductible. For example, your hospital stay is $28,000 for an appendectomy. If you have a $2,000 deductible and an 80/20 coinsurance on the first $10,000, then you would be out-of-pocket $4,000. Note that the coinsurance is not unlimited. It only applys to the first $10,000. Some plans have their coinsurance apply to the first $20,000, or some other number. An important question to ask: "What is the coinsurance percent, and what is the stop limit of the coinsurance amount.
Here is how it works. Of course, you understand that the $2,000 is your deductible in this example, so you will pay that. Then, you are responsibility for 20% of the first $10,000 which equals $2,000. Therefore, your out of pocket expense is the total of your deductible ad your coinsurance or 4,000. That is your total risk! The insurance company will pick up the balance owned to the hospital and doctors, or $24,000 in this example.
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Most insurance policies have the 80/20 coinsurance on the first $10,000. However, look carefully. It may be 100/0, (Yes, 100/0 is that the insurance company pays 100% after you have met your deductible.) 70/30 or 60/40 or 50/50. Also, make sure that it is based on the first $10,000. It could be based on the first $20,000 – or even some other amount.
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Coinsurance can be confusing. That is why many agents don’t even mention it to you. WE DO mention it. It is our responsibility to explain to you your total risk, so that you can make an intelligent, informed decision.
You can start by getting quotes.
Then, compare the different plans and ask questions.
Next, apply online!
