If you are insured through your employer, be sure to review your coverage every year when your company holds open enrollment, learning more about your plan never hurt anyone. (Please see our post about “8 Tips to Choosing the Right Health Insurance Plan.”)

• It’s possible that you may have to choose between several types of providers. Don’t view this as a problem, but an advantage. You can compare plans and single out the one that offers you access to the best quality care. Also, pay close attention to what the plan does and DOES NOT cover, this can give you a clue as to what type of payments you may be facing if an emergency were to strike. Compare co-payments, deductibles, prescription coverage, out-of-pocket expenses , and lifetime maximum benefits. (See “Keeping Your Health Insurance in Hard Times.”)

• Remember: A plan with higher premiums and lower co-pays are better for people with health problems.

With a flexible spending account you can pay out-of-poscket expenses with pretax dollars, this means that the government will pay for as much as a third of your medical bills. However, you will lose what you don’t spend in that calendar year (but employers can extend the deadline to mid-March in certain cases) plus you can take this even if you change jobs. Bonus.

• Many companies offer employee incentives employee incentives. This can help you lower your health insurance premiums simply by quitting smoking, losing weight and/or exercising more. Remember your employer’s health insurance plan CANNOT force you to pay higher premiums, than others, or drop your coverage if you develop health problems in the future.

Instead of paying high out-of-pocket fees, another option is the health savings account. An HSA is a possibility for those who buy high-deductible health insurance policies on your own or through your place of work. (See “What Aspects are Most Misunderstood When it comes to Health Insurance.”) However, not all plans with high-deductibles can be partnered with HSA’s.

• In 2008, the IRS allows a maximum Heath Savings Account (HSA) contribution of $2,900 for indivicuals and $5,800 for families. This payment is either pretax or deductible and you don’t even have to itemize. Bonus: All earnings and withdrawals for medical expenses are free of tax, that’s right tax-free.

• With an HSA, your money is invested, unlike in a flexible spending account, and all the money you do not spend rolls over to the next year. Plus, if you were to change jobs, you can take the account with you.

• Use Health-InsuranceCalifornia.com to find insurance that qualifies as high-deductible under IRS regulations.

• You are allowed to make contributions until age 65. After age 65, you can make taxable withdrawals for any purpose you wish.