What does "coinsurance" refer to in health insurance?

Coinsurance in health insurance refers to the percentage of costs you share with your insurer after you've met your deductible. For instance, if you have a plan with a 20% coinsurance requirement, once you’ve paid your deductible, you would be responsible for 20% of the remaining costs of your healthcare services, while your insurance covers the remaining 80%.

This concept is essential in understanding how much you are expected to pay out-of-pocket for medical services, as it directly affects your financial responsibility for your healthcare. The ability to share costs in this manner helps both the insurer and the insured manage healthcare expenses more effectively.