Defining Health Insurance Premium 
 
Health Insurance Premiums are the agreed upon fees paid for coverage of medical benefits for a defined benefit period. Premiums can be paid by employers, unions, employees, or shared by both the insured individual and the plan sponsor.

Premium Equivalent Defined -

Premium Equivalent for self-insured plans, is the cost per covered employee, or the amount the firm would expect to reflect the cost of claims paid, administrative costs, and stop-loss premiums.