The premium is the amount that you agree to pay during each billing cycle to your insurance company for your health insurance. Premiums vary from person to person and plan to plan.
Premiums usually vary by the following conditions:
- The higher your risk for expensive health conditions, the higher your premium will be.
- You can trade down your premium by accepting higher deductibles or by reducing the beneﬁts on your insurance. Higher deductibles mean that should you become unwell, you may need to pay a large amount out of pocket, before your plan begins to pay for your treatment.
- Depending on your geographical zone.