If you are like millions of Americans that are looking for a way to save on your health insurance, here are a few things to consider.

Which plan works best for you?

PPO (Preferred provider organizations) or POS (Point of service) plans would be the better option for older people or those with chronic conditions since you get unrestricted access to specialists. HMO (Health maintenance organizations) is less flexible and suitable for young and healthy.

How can you get the most from your medical insurance?

If you are insured by the company you work for, don’t simply stick to a plan for years. Review your insurance plan yearly and opt for something that covers your changing needs. Some companies offer insurance from several providers. You can choose the one that works best for you. Review the co-payments, deductibles and benefits that each provider has to offer. Before you choose a plan, check whether the hospital, lab and doctor of your preference are included under the network covered by your insurance. Ask yourself if the benefits your insurance plan provides are really of use for you. The more the benefits offered, the higher the premium will be so if you are healthy and sure that you wont need much coverage in the coming year, choose a plan that requires more out-of-pocket payments. On the other hand, if you have children or plan to start a family or if you have health problems, choose a plan with higher premiums and lower co-payments.

Another option is to go in for private insurance.  According to Insurance.com, getting private insurance can drastically reduce the amount you spend on insurance, provided that you are healthy and do not need to visit the doctor often. At the same time, private insurance can be very expensive for those with pre-existing conditions. Choosing the best insurance provider is a tedious task that requires plenty of time and effort since regulations vary from state to state.

Are recommended services really necessary?

If you feel that a certain test or scan is unnecessary, do not hesitate to ask your doctor. By doing so, you can save money on your insurance. Do some research as to which tests and preventive measures are really required. For instance, while cancer screening and immunizations are a must for every individual, plastic surgery is something you can skip. Visit ahrq.gov/consumer/index.html to get an idea of the screens and tests recommended by the government and how often they need to be performed.

Why not go generic?

The generic versions of several drugs are much more inexpensive compared to the brand name version. If your doctor prescribes a drug for you, enquire if the generic version is available. By going in for generic drugs, you can save on pharmaceutical bills. This is the only way one can negotiate pharmaceutical costs. If you are already using medication, make sure that the drug you use is present in your insurance provider’s formulary. You can visit needymeds.org to see if you qualify for medication assistance.

Get fit and cut costs

There is a lot you can do to keep your self fit and healthy, thereby eliminating frequent hospital visits. For instance, you can lose weight, exercise or quit smoking. Keep immunizations current. Visit the web site of the Center for Disease Control and Prevention to get an idea of immunization schedule for adults.

Several companies offer financial incentives in the form of contributions towards health care accounts or premiums if an employee participates in their wellness initiatives. If your company has such initiative, go ahead and participate. Not only it will save money on insurance, it will also help you to keep yourself healthy.