Times are tough and we are all looking for new and innovative ways to save on our monthly expenses. Health insurance and you monthly premiums is most certainly an area where you can save a significant amount of money. The one thing to be careful of is that you don't compromise on the level of cover you get currently. Still, it is absolutely possible to save money while still getting adequate cover for you and your family.

Although health insurance policies have become very standardized lately, there is still enough room to man oeuvre in order to make some savings. Here are 3 straightforward ways in which you can save on your health insurance.

Tip - 1: Company Insurance

Does your company offer a health care scheme? So often people don't even look at the options their company has to offer and they blindly go for private health cover. Most companies will have some sort of incentive and often they will actually make a contribution. Another important thing to look at is what your spouse's company has to offer. Is there savings to be made when you switch your entire family's cover to his or her company's health care plan?

Tip - 2: Deductibles

One area where you can save significantly is with your deductibles. As a rule of thumb, the lower your deductible the higher your monthly premiums BUT it can actually save you money. Don't just look at your insurance from a monthly point of view. Can you save annually? Can you save on your additional annual payments? Most people get seduced by the promise of lower monthly payments and insurers know this. See you health insurance expenses from an annual point of view instead.

Tip - 3: Co-Pays

Every family have different medical expenses. Some people rarely claim anything while others are in and out of the doctors on a weekly basis. Your co-pays are the part of your health insurance cover that you are responsible for paying. You need to asses this against your annual health expenses and see if you can benefit from carrying a higher or a lower co-pay. Most health insurers will help you with this but by just looking at your general doctors visits and co-pays you can save a lot.

Sometimes just switching from one insurer to the next can save you money. There is fierce competition out there and some companies will give you significant savings just to get your business. The important thing to remember is to now compromise on your level of cover as this can be a costly mistake when you do need your health insurance.