Discussion 1: The Concepts Of Premium Covered Services

Health Insurance
Name
Institution
Discuss how the concepts of premium, covered services, and cost sharing apply to health insurance.
In health insurance, the concept of premium simply means any amount that is paid to an insurance company or towards a certain health plan. The purpose of a health insurance is mainly to help facilitate the necessary care for a patient. However, one has to periodically make payments towards their health care plan. These payments are required for purposes of ensuring one’s cover is active and that in case of a need the insurance company will step in and facilitate any treatment procedures. However, according to Bihari (2017) premiums have a due date and also a grace period which if eclipsed might lead to the suspension and eventual cancellation of a coverage.
Covered services simply denotes the type and categories of benefits one receives from thei...