Answer :
Final answer:
The premium of a health insurance plan is the amount paid regularly to maintain the insurance policy, distinct from deductibles and co-payments.
Explanation:
The premium of a health insurance plan refers to the amount a policy-holder or sponsor must pay to purchase health coverage. It is a regular payment to maintain the insurance policy.
A premium differs from a deductible, which is the amount the insured individual must pay out-of-pocket before the insurer starts covering costs. It also varies from a co-payment, which is what the insured person pays for a particular visit or service.
For example, if a policy requires a $500 annual premium, the policy-holder would need to pay this amount to keep the health insurance plan active.
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