answersLogoWhite

0


Best Answer

No. When referring to health insurance, the "premium" is the amount you pay to the health insurance company each month to maintain your coverage. The "deductible" is a specific dollar amount you may be required to pay out-of-pocket per year before the health insurance company will begin paying for medical services covered under your policy.

The amount you pay toward your monthly premium (or for copayments) does not count toward your annual deductible.

Not all health insurance plans have a deductible, and even among plans with deductibles, some services may be covered up-front (preventive care, for example) without being applied toward your deductible.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Is a health premium the same as a deductible?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Difference between a deductible and a premium?

A premium is the amount of money you pay the auto/health insurance company monthly, quarterly, or biannually whether or not you get in an accident or go to the hospital. The higher your premium the lower your deductible, and the lower your premium the higher your deductible. A deductible is the amount of money after you get in a car accident or visit the hospital before your insurance company pays anything. After you have met your deductible the insurance company covers the rest of the expenses.


What happens to an insurance premium when a deductible is lowered?

If a deductible is lowered the premium usually goes up


How do deductibles work for health insurance?

A deductible is the amount of your actual, billed health care costs that you must pay before the insurance will kick in. Your premium does not count towards your deductible. The higher your deductible, the more you have to pay before your insurance will start to cover your bills.


A higher deductible will usually mean a lower premium?

yes a higher deductible means a lower premium.


What usually happens to the amount of the premium if the deductible is lower compared to a policy with a higher deductible?

The premium will generally increase.


What is a premium for auto insurance?

Your premium is pretty much your monthly bill, after deciding what type of deductible you plan on choosing. The higher deductible the lower your premium will be.


WHEN health insurance deductible?

WHEN WHEN when is health insurance deductible paid when? When?


What is the difference between deductible and premium?

The premium is what you pay for the policy. The deductible is what the insurance company will not pay for what is covered. For example you buy a car policy for collision. You pay the premium of $50. If you crash the car, the company will not pay any thing less than the deductible. If the deductible was $1000 and you sustained $1500 damage, the company would pay you $500. If the damage was less than the deductible, you get nothing.


Health Insurance Plans: Cost Basics?

Health insurance plans have three main components: the premium, the deductible and the co-insurance. The premium is the money that you pay each month to be covered by the health plan. This is the only part of the plan that is paid whether you use your insurance or not. The deductible is the amount of money you have to pay out of pocket each year, before your insurance company will begin picking up part of the bill. The co-insurance is the portion of the bill that you are required to cover after the deductible has been reached. These companies together make up your actual cost of health insurance.


What happens to an insurance premium when a deductible is increased?

Your premium usually will go down a couple of dollars if you raise the deductible. EX. My deductible was $500 for collision and I changed it to $250. My premium went up $24 every six months. So basically your not going to save that much by increasing your deductible. Unless you have a very bad driving record.


Which of these will not cause your insurance premium to be higher?

Having a high deductible will not cause your insurance premium to be higher.


What should your Deductible for car insurance be?

Well the higher your deductible, the lower your insurance premium will be. However, your deductible should be something you can afford in case of a loss.