CHICAGO, IL--(Marketwire - November 11, 2010) - As the open enrollment period for many group health insurance plans nears, employees should review their health coverage and look for ways to save money.

Here are some tips to find lower health insurance premiums and save money on health care costs:

  • Employees on a Preferred Provider Organization (PPO) plan should consider a Health Maintenance Organization (HMO). HMOs are more affordable but they don't provide the flexibility or coverage for out-of-network visits that PPOs cover.

  • For employees that want to keep their PPO plan, consider a higher deductible. This will allow you to open a Health Savings Account and lower your monthly premiums.

  • Employees that have a medical savings account with their employer should consider opening a Health Savings Account (HSA) instead. Many medical savings accounts are more restrictive than HSAs and force you to forfeit unused savings at the end of the year.

  • Join wellness or preventive programs that your company offers. Some companies even provide discounts on premiums or just provide the benefits to help create a healthier workforce.

  • Research your area to see if there are new retail health clinics which treat minor illnesses and provide preventive services. A trip to a retail health clinic is much more affordable than a trip to the emergency room.

  • Compare group health insurance premiums against individual health plans. Depending on how much coverage costs from an employer, an individual plan could be more cost-effective.

  • Ask for generic prescriptions over brand name drugs to save on out-of-pocket costs at the pharmacy.

It's important for employees to research their options every open enrollment period.

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Contact Information:

Michael Mahoney