Premium rates are based on age and increasing healthcare costs. Therefore, policy premium rates increase each year that you renew. In order to keep your premium at a low cost, members can elect to include a per claim or per annum excess. A per claim excess is the amount you pay each time you submit a claim for a new medical condition. A per annum excess is the total amount you will pay out-of-pocket in a single period of cover. For example, if you elect a $500 per annum excess, William Russell will not begin to cover medical expenses until you pay the first $500 incurred during your period of cover. After you pay your per annum excess, William Russell will cover the remaining costs for medical treatment. Refer to page 17 of the William Russell brochure to review the per claim and per annum excess options available.