A copay is a fixed amount you pay for a covered health service after you've paid your deductible. Coinsurance is your share of the costs of a health care service, calculated as a percentage (e.g., 20%) of the allowed amount for the service. You pay coinsurance after you've met your deductible.

Consider your health needs, budget, and preferred doctors. Think about how often you visit the doctor, if you take prescription medications, and if you need specific services. Comparing deductibles, copays, and out-of-pocket maximums can help you find a plan that fits.

This is the most you have to pay for covered services in a plan year. After you spend this amount on deductibles, copayments, and coinsurance, your health plan pays 100% of the costs of covered benefits.

Most health insurance plans include prescription drug coverage, but the extent of coverage varies. Check your specific plan details or formulary (list of covered drugs) to see what's included and what your costs might be.