If you’ve seen your health insurance deductions take a bigger and bigger bite out of your paychecks lately, you’re not alone.  The cost of coverage is skyrocketing, and most employers have been left with no choice but to pass the increases on to employees.  Although your employer is paying for your coverage, he’s paying for it essentially with your money; your health insurance is part of your compensation package. It may be time to take a look at that package and determine if you could spend that same money more wisely.
 
Take Control
Every company has an open enrollment period. This is when employees are given the opportunity to review their coverage plans offered by employers and may change plans or drop coverage all together.  Take some time and do your homework before your company's next open enrollment.  Look at your deductions to see what you're actually paying to cover yourself and your family.  Talk to your human resources person to find out what percentage of your total monthly premium the company covers for you and your dependents.
 
With these numbers in mind, take a look at the private health insurance market.  Think about the kind of coverage you need, and see what health insurance options are available for individuals and families in your area.  Believe it or not, you may find that it makes more sense to opt out of your employer's plan and use the money they would have taken out of your paycheck to pay for coverage on your own. It might not only be cheaper, but it might free you up to move from job to job without fear of losing your coverage.  Choosing an H.S.A. over a high-end plan may allow you to reduce your premium payments and begin saving to boot.
 
Nix the Coverage Overkill
The truth is, many employers still offer relatively expensive, high-end insurance options. Now, if you're healthy, you probably don't need a "Cadillac-style" health plan.  If you or one of your dependents has a medical condition, it probably makes sense to stay with your employer's  plan.  But if you never or rarely go to the doctor, why pay for a more expensive health insurance plan than you really need?
 
Imagine if auto insurance plans included coverage for repairs.  You'd probably pay twice as much for your coverage and, if your car were reliable, you'd never use that extra coverage. You'd be better off putting the money you would spend on insurance into the bank for use in case your car actually does break down some day.  Health insurance works the same way.  You can lower your premiums by finding a private market plan with a higher deductible, and put the difference in the bank to use in case you need medical care.
 
Consider Your Kids Separately
Even if you keep your own employer-sponsored coverage, you might actually save money by putting your dependents on a private health insurance plan. Most employers only cover a small percentage of the premium for your dependents, while you're left paying the rest.  Look into private market individual plans for your kids as another way to save money.
 
Get Professional Advice
Taking control of how your health care dollars are spent can save you a lot of cash in both the long term and the short term.  Many people will find private health insurance options better suited to their personal medical needs and their pocketbooks.  But you don't have to do all the homework on your own. Get some professional advice and compare what you pay for what you get now with what options you have in the private health insurance market. Let InsureMeOnline.com start you off with free health insurance quotes right now.