what is co insurance

Co-insurance, also known as coinsurance, is a concept in insurance where the risk is split or spread among multiple parties. In the context of health insurance, it refers to the percentage of costs of a covered health care service that the insured person pays after the deductible has been paid. For example, if the co-insurance is 20%, the insured person pays 20% of the costs, and the insurance company pays the rest. Co-insurance is common in health insurance and some property insurance policies, and it is expressed as a percentage, such as 20% or 30%