i have PPO option with a $1500 deductible with co-insurance (no co-pay). What does co-insurance mean? Would I have to bear the expenses for the 1st $1500 I spend for my health treatment/prevention?
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The deductible is the part that you have to pay first before the company will pay. After the deductible is met, then the coinsurance kicks in. If your coinsurance is 80/20, then it means the insurance company will pay 80% of the bill and you pay 20%. It really depends on the plan how it works though. Sometimes you just pay a set fee to go to the doctor (like $35) and then if there are any expenses after that, the coinsurance kicks in.
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