Save Money on Health Insurance Costs

As people continue to look for ways to put more money back in their pocket, many don't consider their health insurance plan. But saving hundreds, and sometimes thousands, of dollars may be as simple as reevaluating your current plan and considering options outside your employer.

Follow these tips for cutting health care costs in 2010:

✔ Consider individual plans your spouse: Having your spouse on your company policy is not always the most cost effective. You can save thousands of dollars in premiums by putting your spouse on an individual plan, especially if one of you is a female of childbearing age.

✔ Consider individual plans for kids: Planning to have a baby in 2010? There are individual policies designed specifically for children with affordable premiums and benefits tailored to their needs. These policies usually have low co-pays for well visits and typically cover immunizations.

✔ Trust your instincts: If you feel like your premiums are too high in your current corporate policy, you're probably right. If you are healthy, pursuing an individual policy outside your employer may save you money.

✔ Health Savings Account (HSA): If you have a high-deductible plan, you can set up an HSA, which can be an easy way to lower your insurance premiums and save your medical dollars for tax deductions at the end of the year. They allow you to put aside money, tax free, into a special account that can only be used for medical expenses.

✔ COBRA vs. other plans - If you're leaving your employer, COBRA is usually a very expensive option. If you're healthy, consider an individual plan, which typically has lower premiums compared to COBRA.

The best advice I can give someone looking for additional savings on their health insurance is to shop around and make informed decisions. Remember, employers are looking out for their bottom line too, and an independent individual plan could prove much more cost effective and get you better coverage. It never hurts to check!

Guest Post by Reese McFaddin of Workplace Benefits