if your insurance covers a psy.d. I'd go with the psy.d over someone with a masters.
psy.d's basically spend the majority of their training doing counseling as opposed to phd psychs who do alot of research as well as counseling.
nothing against counselors with masters either, but if your insurance covers a Doctor (psyd is phd without the emphasis on research) then i'd definitly go for the person that is a liscensed doctor.