Premium

Premium is the amount you pay for your health insurance every month.

In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance.

♦ If you have a Marketplace health plan, you may be able to lower your costs with a premium tax credit.

When shopping for a plan, keep in mind that the plan with the lowest monthly premium may not be the best match for you.

If you need much health care, a plan with a slightly higher premium but a lower deductible may save you a lot of money.

♦ After you enroll in a plan, you must pay your premium directly to the insurance company — not to the Health Insurance Marketplace.