- 1). Research your current health insurance options. This can be a daunting task, given the ongoing changes to the U.S. health care system, but compiling an initial list of companies and then calling them to learn the exact details of each plan they currently offer is a good starting point.
Take your time, and keep asking questions until you fully understand every aspect of the plan. Keep in mind that the two major ways to reduce your overall insurance premium are to pay a higher deductible, or increase the cost of co-pays and prescriptions. Both of these options have their downsides, so carefully consider what is best for you and your family. - 2). Investigate group health expenses sharing plans. Although not technically health insurance, these plans operate on the same principle: a group of people get together to chip in and pay each other's health expenses. Investing the pooled money can create more money to cover expenses. Before you join such a plan, research the group carefully to make sure the organization will remain viable over the long term.
- 3). Investigate whether you or your family members qualify for Medicaid. Medicaid is a federal health insurance plan, and it's not just for the unemployed or indigent. Many low-income working individuals and families are on Medicaid.
- 4). Consider keeping your previous health insurance through COBRA if you are unemployed. Even though you will have to pay the full premium amount, a large group plan is still likely to be more affordable than a private plan for individuals.
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