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Health insurance can be broken down into a four main elements: deductible, co-insurance, out-of-pocket maximums and co-pays. The more risk you are willing to take with these, the lower the price of your insurance.

Deductibles

A deductible is what you pay prior to your coverage beginning. The higher the deductible, the lower your insurance premiums.

Co-Payments

Co-pays are paid every tine you seek care from doctors' office visits, prescriptions, emergency rooms and hospitals. The higher the co-pay, the lower your premium cost. If you have a co-pay, you do not have to pay deductible and/or co-insurance.

Co-Insurance

Co-insurance is the percentage of the bill you have to pay. Most insurance policies make you responsible for 10 to 20 percent of the cost.

Out-of-Pocket Maximums

The out-of-pocket maximum is the total amount you are responsible for beyond your premium. Once you meet this maximum, you no longer have to pay co-insurance; the only payments you will still be required to make are the co-pays.

Beware Limitations

Review each policy for items that are routinely covered, but have dramatic limitations. Pay particular attention to areas like transplants and high tech chemotherapy drugs.