What does Coinsurance Limit mean? Read on to discover the definition & meaning of the term Coinsurance Limit - to help you better understand the language used in insurance policies.
A coinsurance limit refers to the maximum amount the insured is required to pay out of pocket for covered medical expenses before the insurance company starts covering the full amount for the rest of the policy year. As coinsurance refers to cost sharing, the insured would pay whatever agreed upon percentage, such as 20%, of medical expenses until they have paid up to the limit, after which the insurer would assume 100% of the expenses.
We hope the you have a better understanding of the meaning of Coinsurance Limit.