As you review your benefits renewal package, it’s crucial to consider your family’s medical needs. Once you’ve assessed those needs, you’ll want to examine your monthly premium rate. To calculate your premium rate, identify the age of each family member, subtract your employer’s contribution, and then divide that amount by the number of pay dates you have in a month. For instance, if you’re paid bi-weekly and your medical premium is $400 per month, $200 would be deducted pre-tax from your paycheck each pay period.