I went through this exact confusion last year with my insurance. Psychologists have doctoral degrees and can do testing/assessments that therapists can't, which is why they cost more. But for panic attacks, honestly a licensed therapist (LCSW, LPC) is usually just as effective and way cheaper. Psychologists are better if you need diagnostic testing or have complex issues. There's a breakdown at difference between therapist and psychologist that helped me understand the credentials. I ended up with an LMFT who specializes in anxiety and she's been great. Unless your doctor specifically said you need psychological testing, save the money and go with a therapist.