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%.