Six ways you can save money on health insurance

For many people today, health insurance comprises a significant portion of their overall monthly expenditure.

Although some provisions are already in place, many reformations under the Patient Protection and Affordable Care Act won't be implemented until 2014 or later. This means that for those who already have insurance and those who are looking, getting the most out of what you pay for is critical. Purchasing a plan without reading the fine print, or paying for benefits that you never use, can seriously drain your budget. Here are some practical tips you can use to save money on your current health insurance, or any plan you are looking into.

1. Don't pay for benefits you don't use.

Certain services such as unlimited doctor visits and maternity care are often built into plans, and can substantially increase your premiums. Take a step back and look at what services you use the most, and what are only used rarely - if ever. Consider switching to an affordable health insurance plan that has only the specific benefits you actually use and need.

2. Talk to a nurse, first.

Research indicates that almost 70 percent of unnecessary doctor's visits can be avoided by first speaking to a nurse. So, next time you're feeling unwell, try calling a nurse hotline service. A phone call can potentially save you time and money, as well as a co-pay and trip to the doctor's office.

3. Know when to be flexible.

When shopping for family health insurance, a good option might be to buy different policies for your family if a family member has a pre-existing condition. This is because some health insurance carriers might not accept certain pre-existing conditions, which could result in a denial of coverage or a more expensive rate for the whole family. For example, the Jones family has four family members. One of the children has a medical condition that is very expensive to maintain. Having looked at different quotes from various companies, they find that it would be more cost-effective to cover the child with a condition under an individual plan, and the rest of the family under a separate family plan.

4. Get healthier and pay less.

Improving your lifestyle to focus on staying fit and healthy means you could end up paying less for health insurance. Due to the increased risk of illness among heavier individuals, insurance companies charge this group a higher premium. But there is something you can do if you are overweight and facing high health insurance premiums: explore your plan's wellness options. Your insurance carrier may offer incentives, (i.e. decreased premiums) for joining weight-loss wellness programs, which is a true win-win - lose weight and get healthier while paying less for health insurance. Remember, you're paying for health insurance - not sick insurance.

5. If you're healthy and your rates are going up, shop around

Sometimes health insurance plans offer low initial rates and begin increasing as each year passes. This means that you might be paying more for the same plan that's available cheaper, elsewhere. Do you know what your rates are next year? If you are in good health and your premiums are still rising, browse instant side-by-side comparisons of health insurance quotes online to find a cheaper plan.

6. Understand what you're buying

This is for those of you who are shopping for health insurance. The confusing nature of health insurance shouldn't hinder you from taking the help of a licensed agent, and understanding what benefits you need and how to get them.

An agent can help you decipher key benefits of every plan, such as: office visits, wellness, prescriptions, deductible, coinsurance and out-of-pocket max. If you have particular needs (i.e. prescription drug, mental health, or chiropractic coverage) ask about those benefits specifically.

* If you are taking prescription medication, ensure that drug will be covered.

* If you have a pre-existing condition, ask what impact that has on your rate and whether it is excluded from your coverage.

* If you have wellness benefits, find out if there are waiting periods before you can get a physical exam.

* If you have doctor's office visits with copay, ask if they are unlimited or capped at a specific number of visits.