Insurance can help create financial safety, but it’s a two-way street, meaning the insured and insurer share the cost. One way that works is through coinsurance – the amount that must be paid towards a claim after the deductible is covered. Both health insurance and property insurance usually have coinsurance requirements, but the terms may be different. What is Coinsurance? With coinsurance, you’re sharing the cost with an insurance company and they usually pay the larger chunk. The common percentage split is usually 80/20 with the insured paying the smaller percentage. Coinsurance usually kicks in after a deductible has been paid. Deductible is the amount the insured has to pay out of pocket before the insurance provider shares the cost of healthcare with them via coinsurance. As an example, if you visit the doctor and have to pay $150 for the visit, assuming you’ve hit your deductible, you might pay 20% in coinsurance, which is $30. If you haven’t yet met your deductible, you’d end up paying the entire $150. Another factor that impacts how much coinsurance you pay is your out-of-pocket max. That is