What Is a Health Insurance Premium?

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What Determines the Cost of a Health Insurance Premium?....5

A health insurance premium is a set amount paid to a carrier in exchange for coverage. Find out about a health insurance premium with help from the president of The Stratford Financial Group, Inc. in this free video clip.

Part of the Video Series: Health Insurance & More
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Video Transcript

Hello, I'm Jeffrey Ingalls, president of Stratford Financial Group, and Stratford Employer Services in Wayne, New Jersey, and right now we're going to talk about, what is a health insurance premium? A health insurance premium is, generally, a set amount of money paid to an insurance carrier in exchange for coverage. While your health and future medical claims are sometimes perceivably stable, illness and medical bills can spike at any time and often very unexpectedly. Health insurance premiums allow insureds to pay a set amount each month to a carrier, instead of having to worry about the volatility of medical expenses in the future. Health insurance premiums are typically paid monthly, but could also be paid quarterly, semiannually, or annually. Typically, most health insurance policies will guarantee their rate for a specified period of time, often 12 months, or a year. Health insurance premiums apply both to individual health insurance policies, as well as group insurance policies offered in an employer sponsored arena. In this latter scenario, the premium is often paid partly by the employer, but also partly by employee contributions. My name is Jeffrey Ingalls. I'm the president of Stratford Financial Group, and Stratford Employer Services in Wayne, New Jersey. We can be found online at www.stratfordlink.com, and you just watched, what is a health insurance premium? Thank you.

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