There is no question that the cost of healthcare is on the rise. Though price of insurance premiums has significantly increased in recent years, it is still possible to find great coverage at a reasonable price. Even if you are covered by employer health insurance, it is possible to work with your company to find a lower health insurance quote. Careful research into your existing plan can help you to uncover hidden savings.

The first step to reducing the cost of your health insurance coverage is to carefully examine the policy or policies that you are currently holding. It is common for companies to offer more than one type of policy or to offer add-ons to supplement basic coverage. Determining how much you are actually spending on doctor visits, medications, dental, and vision exams can help you decide which policies to keep and which to trim away. Families with young children may opt for full coverage, while those with healthy older kids or those with no children at all may desire less comprehensive care. In addition, simply switching from a PPO to an HMO may result in savings with little or no change to the level of care you receive. Some insurance companies also offer incentives for using Urgent Care services for minor medical needs. Examine your policy to determine if these low or no co-pay options are available to you.

After determining the type of coverage that is best for your family, you should also evaluate how much coverage you actually need. Families with more than one full-time worker or individuals with more than one job may have more than one insurance plan. Those who have no significant health issues may not needed to utilize this overlapping coverage. Canceling one of the policies will save money. Take care though when canceling policies not to leave yourself with too little coverage. Tempting as it may be to go after the lowest monthly premiums, be sure to examine the fine print to find exclusions, coverage maximums, out-of-network fees, and the need for pre-authorizations which may affect the quality of your health insurance.

Don’t wait for the open enrollment period; contact your Human Resources Department now to explore your options. Also ask them if they offer Flexible Spending Accounts, which enable employees to put away pre-tax dollars to pay for out-of-pocket medical expenses or Health Savings Accounts, which works in conjunction with an especially designed employer health plan to cover health care expenses. By taking advantage of the knowledge and resources your company has to offer, you can determine which options will work best for you and your family and save money in the process.