A premium is the amount you pay regularly — usually monthly — to keep your health insurance policy active. Your premium is owed whether or not you use any benefits during that period. Premium amounts are determined by factors including your age, province of residence, the level of coverage you select, the number of people covered (individual, couple, or family), and in underwritten plans, your health status. Premiums for individual health insurance in Canada are not regulated and can increase at renewal, typically annually. For self-employed individuals, health insurance premiums may be tax-deductible as a business expense. Group plan premiums are often shared between employer and employee. If you stop paying premiums, your coverage will lapse after any applicable grace period.