Define deductibles, copayments, and coinsurance.

Deductibles, copayments, and coinsurance are three terms related to health insurance. Deductibles refer to the annual amount an insured person must pay out-of-pocket before the policy begins to cover medical services; for example, if a policy has a $1,000 deductible, the insured person pays the first $1,000 in medical expenses. Copayments, or copays, are fixed amounts the insured person pays for a specific medical service; for example, a $20 copay for a doctor's visit. Coinsurance is a percentage of the total cost of a medical service that the insured person is responsible for paying after meeting their deductible; for instance, if someone has a 20% coinsurance rate, they pay 20% of the total cost and the insurance company covers the remaining 80%.