Premium
Also called: insurance premium, monthly premium
The amount you pay to have insurance, often every month. You pay it even if you never use the insurance.
Example
You pay $80 a month from your paycheck for health insurance. That $80 is your premium.
Why it matters
A low premium can mean you pay more when you get care. Look at the whole cost.
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More in Benefits
401(k) Match
Extra money your job puts in your 401(k) when you save in it too. It is like free money for your future.
Beneficiary
The person you pick to get your money or insurance if you pass away.
Coinsurance
Your share of a medical bill after you meet your deductible. It is a percent, not a set amount.
Copay
A set amount you pay for a doctor visit or medicine. The insurance pays the rest.
For learning, not personal financial, tax or legal advice. Rules and limits can change each year, so check official sources (like IRS.gov or your plan's documents) or a trusted pro before big decisions.