Premiums are the fixed amount you pay each month for your health insurance coverage. Essentially it’s your monthly bill in order to have health insurance, similar to a monthly payment you may make to have car insurance.
Deductibles are the amount you pay for medical costs before your health insurance begins to make payments. For example, if your deductible is $1000, your plan won’t pay anything until you’ve met your $1,000 deductible for allowable charges, not the billed charges.
Copayments (copays) are a fixed amount you pay, usually at the time of healthcare service. Copays are separate from and do not accumulate to the deductible. This amount can vary by the type of service. You may also have a copay when you get a prescription filled.
Coinsurance is the share of the costs you pay, calculated as a percentage (for example, you pay 20 percent, insurance pays 80 percent).