Premium
the cost of the insurance
paid in periods - annual, semi - annual, Monthly, 1/4
Health insurance policies don’t extend past one year
Premium Mode/Mode of Premium
the schedule of payments for insurance
Insured picks date
Risk Characteristics
combination of risk characteristics to establish rates.
Risk Pooling
allows the higher costs of the less healthy to be offset by the lower costs of the healthy, either in a plan overall or within a premium rating category
Morbidity Rate
rate at which disease occurs in a group of people over a given period of time
NOT: mortality rate, which is the frequency of death in a given population
TAX TREATMENT OF HEALTH INSURANCE PREMIUMS AND BENEFITS
(only as listed)
premiums - if your medical expenses including premiums paid exceed 10% of your adjusted gross income in any tax year, you may be able to take a deduction on the amount exceeding 10%.