How to Cut Your Premiums for Health Insurance in Half

Cutting health insurance costs is central to financial health. The skyrocketing costs of health care have taken insurance from a fringe benefit 50 years ago to a major expense in 2010. Cutting your expenses substantially is not that hard if you take some basic steps to control spending. If you are healthy and do not smoke, cutting costs is even easier.

• 1

  Buy a stripped down plan. If you are healthy and take preventive actions for your health, there is no reason to buy a plan that covers everything. If you are a healthy man, for example, you don't need a plan that covers maternity. Study plans and rates from several companies. You must take the time to locate the plan that covers your most likely needs. If you are healthy, or have the funds to cover medical expenses, get a plan with a high deductible, which dramatically lowers your monthly payments.

• 2

  Study the rules of your provider intently. Always verify with the provider whether a procedure is covered and to what extent. Stay within the basic rules of the provider and never go outside of them. This can prevent bureaucratic delays and unreimbursed expenses.

• 3

  Start a Health Savings Account, or HSA, with an insurance firm. HSAs are tax-free or tax deductible accounts used solely for medical expenses. You contribute regularly to an HSA account while buying a high-deductible, low-payment health care policy. You can cover any deductibles with the HSA. If you remain healthy for a long time, the HSA account grows and accumulates interest.

• 4

  Exercise and lose weight. These are the two most important preventive steps to keep yourself healthy, thereby keeping your health care premiums low. Avoid fast food. Drink lots of water and cut down on alcohol consumption. Take a vitamin supplement daily. Increase your intake of fruits and vegetables and cut down on red meat. Drink a single glass of red wine at night. Olive oil and garlic have reputations as powerful health boosters. Try to use these with meals whenever possible.

• 5

  Go to the doctor regularly for a checkup. The copay is usually small, and regular doctor visits can discover problems early, when they are easy to treat. Ask the general practitioner lots of questions about lifestyle issues and diet.

• 6

  Request samples of prescription drugs. If you are struggling with prescription bills, contact the drug firm and inquire into prescription assistance plans. All major drug manufacturers have them.