In this video, Luke give a high level definition of the word Premiums in the context of healthcare.
- An insurance premium is the payment made to keep an insurance policy active, covering various types of insurance such as medical, dental, and life insurance.
- Premiums are typically paid on a regular basis, which can be monthly or annually, depending on the policy agreement.
- Failing to pay the insurance premium results in the cancellation of the policy, meaning the insurance coverage will no longer be active.
- Paying premiums is crucial for maintaining active insurance coverage, ensuring that you’re protected under the terms of your insurance policy.
