In-network providers are those medical professionals who have an agreement with your insurance company to provide services at a discounted rate. Out-of-network providers are not contracted with your health insurance company and can typically charge higher rates, which could result in higher out-of-pocket costs for you.

A deductible is the amount you pay for health care services each year before your health insurance begins to pay. For instance, if your deductible is $1,500, your plan won’t pay anything until you’ve met your $1,500 deductible for covered health care services.

A copay is a fixed amount you pay for a covered health care service, usually when you receive the service. The amount can vary by the type of covered health care service.

Coinsurance is your share of the costs of a covered health care service calculated as a percent (for example, 20%) of the allowed amount for the service. You pay coinsurance plus any deductibles you owe.

The out-of-pocket maximum 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 services.

The premium is the amount you pay to your insurance company every month (or quarter, semi-annually, or annually, depending on your arrangement) to maintain your health insurance coverage.