Coinsurance refers to the percentage of the cost for Medicare-approved services that you pay after you’ve met your plan’s deductible.
Coinsurance refers to the percentage of the cost for Medicare-approved services that you pay after you’ve met your plan’s deductible.
Under Medicare Part A, if you’re hospitalized for more than 60 days or spend more than 20 days at a skilled nursing facility, you’re responsible for paying set dollar amounts each day. When you use up a certain number of days, you are then responsible for paying in full.
Medicare Part B pays for the majority of costs for approved services, while beneficiaries pay the remaining amount.
When you pair your Original Medicare (Parts A and B) with a Medicare Supplement plan (Medigap plan), the latter takes care of the remainder of your services’ costs under Part A and Part B, as well as adding an extra 365 days for hospital stays. Most Medicare Supplement plans also cover coinsurance for skilled nursing facility care.