Describe "premium subsidy" in the context of health insurance.

A premium subsidy is defined as financial assistance provided to lower the cost of premiums for individuals seeking health insurance coverage. This assistance is designed to make health insurance more affordable, particularly for those who may struggle to pay the full premium amounts on their own. Such subsidies are often available through government programs, particularly under the Affordable Care Act (ACA), and aim to reduce the financial burden for low- to moderate-income individuals and families.

By lowering the cost of premiums, premium subsidies help facilitate access to health care for those who might otherwise forego insurance due to high prices. This plays a crucial role in promoting public health and ensuring that more people within the community can obtain the necessary medical care and services. In summary, a premium subsidy directly impacts individuals' ability to secure health insurance by reducing the amount they need to pay on a monthly basis for their coverage.