Understanding Health Insurance: Premiums

First things first, you have to pay your premium
every month or your insurance could get cancelled kind of like your cable subscription.
You can also think of it like a shared health care piggy bank – we all chip in each month,
even if we’re healthy, so the money is there when we need it. If you get insurance at work,
your employer probably pays most of your premium and the rest comes out of your paycheck automatically.
If you have Medicaid, you most likely don’t have to pay any premium at all – the federal
government and your state take care of that. If you’re insured through a new health insurance
marketplace, depending on your income, you may be eligible for a tax credit that pays
a portion of your premium. Once you have that shiny new insurance card, you’ll want to
try really hard to keep it in your wallet!

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