What is the difference between premium, deductible, copay, coinsurance, and out‑of‑pocket maximum?

Health Insurance Terms Explained: Premium, Deductible, Copay & More

- Premium: What you pay every month to have health insurance.

- Deductible: What you must pay before your plan starts covering costs.

- Copay: A flat fee (like $20) you pay when you see a doctor or fill a prescription.

- Coinsurance: A percentage of the bill you pay after hitting your deductible.

- Out-of-pocket max: The most you’ll spend in a year. After that, the plan pays 100%.

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