Final answer:
Coinsurance is the term for the percent of medical expenses, exceeding the deductible, that is covered by the insurance plan, with the policyholder paying a set percentage and the insurance covering the rest.
Step-by-step explanation:
The percentage of expenses (in excess of the deductible) that are paid for by the insurance plan is called the coinsurance. This term refers to the shared cost between the insurance company and the policyholder, where the policyholder pays a fixed percentage of the medical costs after meeting their deductible and the insurance company pays the remaining amount. If, for instance, the policyholder has a coinsurance rate of 20%, they would be responsible for paying 20% of the medical costs, while the insurance company would cover the remaining 80%. It is important to understand this concept as it can significantly affect out-of-pocket expenses for medical care.