In this video, we provide a high level definition of the word ‘premiums’ in the context of healthcare:

• An insurance premium is simply the payment made to keep an insurance policy active, covering various types of insurance such as medical, dental, and life insurance, among others.

• Premiums are typically paid on a regular basis, which can be monthly or annually, depending on the policy agreement.

• Failing to pay the insurance premium could result in the cancellation of the policy, meaning the insurance coverage will no longer be active.

• Paying premiums is crucial for maintaining active insurance coverage, ensuring that you're protected under the terms of your insurance policy.