What is a premium?

Premium refers to the amount that you will pay for your health insurance coverage. Several factors affect your premium. One of the most important factors is whether you are insured as part of a group policy, such as policies offered by employers (these are the lowest cost policies), or whether you have an individual policy that you simply buy for yourself or your family. Other important factors in determining your premiums include your age, your current health status, any risk factors that make you more susceptible to serious illness, your deductible, your co-insurance agreement, and other considerations that affect the likelihood of the insurance company having to pay a large bill for medical expenses for you. You should not always assume that the insurance policy with the lowest premium is best. At Selected Benefits, we can help you evaluate all of the factors involved in choosing a Texas health insurance policy so you can get a policy that is the best value. Insurance premiums purchased through Selected Benefits are the same as premiums on policies placed directly through insurance companies.