Premium

A Premium is the amount you pay every month for your health insurance coverage. But your premium isn’t the only cost you’ll face when it comes to health care.

What is a Health Insurance Premium?

Your premium is the fixed amount you pay every month to maintain your health insurance coverage. However, it’s important to remember that in addition to your monthly premium, you’ll likely have other out-of-pocket costs, such as:

- Deductibles: The amount you pay for covered health care services before your insurance starts to pay.

- Copayments (copays): A fixed amount you pay for specific services, like doctor visits or prescriptions.

- Coinsurance: The percentage of costs you pay after meeting your deductible.

These costs are in addition to your premium and depend on the health care services you use throughout the year.

Lowering Your Premium with the Premium Tax Credit

If you have a Marketplace health insurance plan through Aura Insure, you may qualify for financial assistance to help lower your premium. The premium tax credit is a subsidy provided to eligible individuals and families that can significantly reduce the amount you pay each month for coverage.

Your eligibility for this credit is based on your household income and family size, so it's important to check if you qualify when you're shopping for plans.

Choosing the Right Plan for Your Needs

When selecting a health insurance plan through the Healthcare Marketplace, it might be tempting to pick the plan with the lowest monthly premium. However, this may not always be the best option if you require frequent medical care. Plans with lower premiums typically have higher deductibles, meaning you'll pay more out-of-pocket before your insurance kicks in.

If you anticipate needing a lot of medical care, a plan with a slightly higher premium but a lower deductible might save you money in the long run. You’ll have lower out-of-pocket costs when you need care, even though you’re paying a bit more monthly.

Paying Your Premium

Once you’ve enrolled in a plan with Aura Insure, it’s important to remember that your first premium payment goes directly to the insurance company that’s providing your coverage — not to the Health Insurance Marketplace®. Be sure to pay your premium on time to avoid any disruptions in your coverage.