When it comes to paying for health insurance, it’s important to understand your health insurance premiums, including how much you’re paying each month and their impact on your overall health care expenses.
Savvy health care consumers should consider ways to reduce the cost of premiums but also understand that they are just one component of medical costs, which can include deductibles, copayments and other fees.
Looking to understand these payments and how to lower their cost? Here’s what to know about health insurance premiums.
[Read: What Is Open Enrollment for Health Insurance?]
What Is a Health Insurance Premium?
Simply put, a health insurance premium is the regular fee paid to the insurance company or health plan to maintain coverage.
Make sure you understand how and when your premium is paid to ensure you’re keeping your insurance coverage active. If you access insurance through your employer, premiums may be automatically