With the wide variety of health insurance plans available, cost is important but there are other factors you need to consider. It's important to think ahead and look for a plan that fits your needs as well as the needs of your covered family members. Here are ten tips to help you save money on health insurance.

Top 10 Ways to Save on Health Insurance: 1. Compare Multiple Health Insurance Quotes

Premiums can vary greatly, sometimes as much as 50% for similar plans. When comparing plans be sure to evaluate the benefits as well as the monthly premium. Make sure your plan provides adequate catastrophic coverage, with at least a $2 million lifetime maximum benefit.

2. Raise Your Deductible

The higher your deductible, the lower your monthly premium. Keep in mind, you will be responsible for medical bills out of your own pocket until this deductible is reached. However, there are plans that will waive the deductible for office visits, preventative care, prescription drugs and even accidental injuries.

3. Factor in Co-Insurance

Co-insurance is the amount the insurance company will pay after you meet your deductible. Most companies will pay 80% of the medical bill after the deductible up to an annual maximum of typically $5,000 to $10,000. Medical bills in excess of this annual maximum will be covered at 100% by the insurance company. Some companies offer 50% co-insurance plans which may lower the monthly premium. But if you visit your doctor frequently, the policy may actually cost you more in the long run.

4. Make Sure the Policy Covers the Doctors You Need

Most plans contract with a network of "preferred providers." These "PPO" plans pay more of the medical cost if you use the services of doctors within this network. If go to a doctor or hospital outside the network, the insurance company may cover only part of the bill.

5. Consider Separate Policies for Individual Family Members

In some instances, it may be more affordable to purchase separate health insurance plans for your family members, as age plays a role in determining how much a policy costs. You might save if the older members of your family purchase their own policies, or if you get separate health insurance for children 18 and under.

6. Coverage Offered Through an Employer

Employers providing health care benefits will pay all or part of the premium for the employee but often do not contrubute toward dependents. Adding your dependents to your employer plan may be the responsibility of the employee and can be expensive. If your dependents are relatively healthy, you may save money by purchasing an individual or family policy separate from the employer's plan.

7. COBRA Alternatives

COBRA is a continuation of an employer-sponsored plan for a former employee where the premiums are usually paid entirely by the former employee (also known as a participant). If the COBRA participant is relatively healthy, they can usually save money by purchasing an individual policy instead of accepting the COBRA plan. Keep in mind that the insurance company may refuse to provide coverage based on past health history. Therefore, those with serious health issues or expenses should stay with their COBRA option or enter their state's high risk pool.

8. Consider a Health Savings Account (HSA)-Compatible High Deductible Health Plan

An HSA allows you to set aside money in a tax-sheltered, interest-earning account that you can draw on to pay most medical expenses. Because it works with a high-deductible health plan, you pay lower premiums than you would with a more comprehensive health plan. In addition, the savings you accrue minimize the risk of not being able to cover unexpected medical bills.

9. Minimize your Chances of Being Denied Coverage by the Insurance Company

Most states offer high risk pools for those unable to obtain health insurance from the traditional carriers due to serious health issues such as AIDS, cancer, major heart disease, diabetes or other chronic conditions. These high risk plans can be expensive. Therefore, it is beneficial to qualify for the plans offered by the insurance companies if possible. Decline rates can be as high as 60% and often individuals without serious issues could have been approved had they provided an adequate explanation of past medical history. A little insurance advice is to be sure to explain clearly when a condition has been resolved and requires no further treatment or medication.

10. Government Assistance Health Programs

You may have access to government assistance, but many people are unaware that some states offer programs for those above the poverty level as well. Usually, this assistance is in the form of a subsidy that will pay part of the premiums for traditional health insurance.