Every week, I will try to post a new vocabulary word that is commonly used in the healthcare world.
This week's term is premiums.
A premium is a payment, usually paid monthly, to your insurance company so that you can keep the insurance. Don't pay the premium and your insurance will go bye-bye.
So why are premiums such a big deal in the healthcare world? Well because insurance companies keep increasing premiums. Now one would think that the higher the premium you pay the more coverage you get right? Well that isn't exactly how the healthcare world works. The common complaint is "too high premiums and not enough coverage". In fact, rising premiums is one of the factors as to why people do not have health insurance. They simply cannot afford it.