{"id":69868,"date":"2020-12-24T11:02:48","date_gmt":"2020-12-24T11:02:48","guid":{"rendered":"https:\/\/www.healthbenefitstimes.com\/glossary\/?p=69868"},"modified":"2023-06-20T08:40:39","modified_gmt":"2023-06-20T08:40:39","slug":"premium","status":"publish","type":"post","link":"https:\/\/www.healthbenefitstimes.com\/glossary\/premium\/","title":{"rendered":"Premium"},"content":{"rendered":"

In insurance, the periodic payment required to maintain a health insurance policy in force.<\/p>\n

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The amount of money or consideration which is paid by an insured person or polic3’holder (or on his behalf) to an insurer or third party for insurance coverage under an insurance policy. The premium is generally paid in periodic amounts. It is related to the actuarial value of the benefits provided by the policy, plus a loading to cover administrative costs, profit, etc. Premium amounts for employment related insurance are often split between employers and employees; under current tax law. one-half of the amount spent on premiums by employees up to a maximum of $150 is deductible for income tax purposes for those who itemize deductions. Premiums paid by the employer are non-taxable income for the employee. Premiums are paid for coverage whether benefits are actually used or not; they should not be confused with cost-sharing, like copayments and deductibles which are paid only if benefits are actually used.<\/p>\n

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A payment required for an insurance policy for a given period of time.<\/p>\n

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A payment made periodically to a health care insurer in exchange for benefits coverage (indemnity against future expenses).<\/p>\n

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The fee that a person pays for insurance.<\/p>\n

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The sum disbursed by a policyholder to secure insurance protection, typically paid on a monthly basis.<\/p>\n

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In insurance, the periodic payment required to maintain a health insurance policy in force. The amount of money or consideration which is paid by an insured person or polic3’holder (or on his behalf) to an insurer or third party for insurance coverage under an insurance policy. The premium is generally paid in periodic amounts. It […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-69868","post","type-post","status-publish","format-standard","hentry","category-p"],"yoast_head":"\nPremium - Definition of Premium<\/title>\n<meta name=\"description\" content=\"In insurance, the periodic payment required to maintain a health insurance policy in force.The amount of money or consideration which is paid by an insured person or polic3'holder (or on his behalf) to an insurer or third party for insurance coverage under an insurance policy. The premium is generally paid in periodic amounts. It is related to the actuarial value of the benefits provided by the policy, plus a loading to cover administrative costs, profit, etc. Premium amounts for employment related insurance are often split between employers and employees; under current tax law. one-half of the amount spent on premiums by employees up to a maximum of $150 is deductible for income tax purposes for those who itemize deductions. Premiums paid by the employer are non-taxable income for the employee. Premiums are paid for coverage whether benefits are actually used or not; they should not be confused with cost-sharing, like copayments and deductibles which are paid only if benefits are actually used.A payment required for an insurance policy for a given period of time.A payment made periodically to a health care insurer in exchange for benefits coverage (indemnity against future expenses).The fee that a person pays for insurance.The sum disbursed by a policyholder to secure insurance protection, typically paid on a monthly basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.healthbenefitstimes.com\/glossary\/premium\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Premium - Definition of Premium\" \/>\n<meta property=\"og:description\" content=\"In insurance, the periodic payment required to maintain a health insurance policy in force.The amount of money or consideration which is paid by an insured person or polic3'holder (or on his behalf) to an insurer or third party for insurance coverage under an insurance policy. 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