Premium in Medical Billing
A premium is the amount that an individual or employer pays regularly to an insurance company to maintain health insurance coverage.
Premium in Medical Billing Explained
In medical billing, premiums are typically paid monthly and are required to keep the insurance policy active. Premiums are separate from out-of-pocket costs like deductibles, co-pays, and co-insurance.
For example, an individual pays a monthly premium of $400 to maintain their health insurance coverage.
Find common acronyms and abbreviations in Medical billing glossary.
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