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Everything there is to know about how health insurance premiums work.
Your health insurance premium is your monthly payment to access your health insurance plan. You need to pay your monthly premium in order to keep your health insurance plan active.
You may also qualify for a premium tax credit, which, if you take it in advance, can reduce your monthly premium payment. You can also choose to take the tax credit when you file your annual tax return.
While some people think of the premium as the "cost" of your health insurance plan, there are other costs that go into how much you'll spend out-of-pocket for health services. Deductibles, copayments, and coinsurance all affect the true monthly cost of your health insurance plan and your care.
Plans with low monthly premiums may not be the best fit for you if they have a high deductible, copayment, or coinsurance. If you frequently utilize health services and choose a policy with a low premium, you may end up paying more out-of-pocket because of high deductibles and other out-of-pocket costs. Carefully weigh the different costs before choosing your plan.
Under the Affordable Care Act, there are only five factors that go into setting your premium:
Health insurance companies are not allowed to take your gender or your current or past health history into account when setting your premium.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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