Which term refers to an arrangement where you are responsible for paying a percentage of covered medical expenses after your deductible is met?
The term that refers to an arrangement where you are responsible for paying a percentage of covered medical expenses after your deductible is met is called "coinsurance."
To find the answer to this question, you can start by understanding the basic terms related to medical expenses. The deductible is the amount you need to pay out of pocket before your insurance starts covering the costs. Once the deductible is met, you have reached the point where coinsurance comes into play.
To determine the specific percentage of coinsurance, you would need to consult the details of your insurance plan or policy. It is typically represented as a ratio, such as 80/20 or 70/30. The first number represents the portion covered by the insurance, while the second number is the portion you are responsible for paying out of pocket.
In summary, coinsurance refers to the percentage of covered medical expenses that you are responsible for paying after meeting your deductible. The specific coinsurance percentage usually depends on your insurance plan or policy.