Open enrollment begins : Health Insurance terms to know.

By The Exchange Team

It's Open enrollment time, when millions of Americans choose a new or existing health plan.

Picking Health insurance can be difficult. Health plans have many aspects that aren't always clear. Each affects buyers' budgets.

1. Premiums The premium is the amount you pay each month to an insurer in order to participate in the health plan.

2. Co-pay When seeing a doctor, many workers must pay a flat-dollar copayment. "Co-pay" is health insurance cost-sharing.

3. Co-insurance Patients may owe co-insurance, a shared percentage of health costs with the insurer.

4. Deductible Cost-sharing also includes deductibles. The annual sum a consumer must pay before a health insurer pays for treatments.

5. Out-of-pocket maximum Most people have a "deductible." This limit includes co-pays, co-insurance, and deductibles.