It is important for all of us to save our hard earned bucks in the current economic recession scenario. This equally hold true for the insurance cover as well. You should review all your insurance policies, such as auto, home, life, health and any other policies you have. Consolidate all these policies under one company and you can reap some cash benefits as high as saving 20 to 25% of your monthly premium costs.

If purchasing a new policy, shop around for a cheaper policy. You can receive insurance quotes from multiple insurance providers in the U.S by just filling a quick questionnaire. Here are some methods you may use to save your hard earned money on the health insurance policies:

- Invest in a health insurance cover. Understand that risks can prove to be more expensive than paying your monthly premiums in case of a health emergency.

- Research around, ask for online quotes from multiple providers, ask for insurance advice from the experts and then buy an insurance policy that best suits your requirements.

- Use the Internet to compare different health insurance policies from many different health insurance companies. You'll be surprised at the quick response you get.

- Be honest in your approach. When filling a health insurance application never provide false information. This may be fatal if you fall prey to a fatal health illness and may even lead to seizure of your insurance cover.

- Be thorough when filling the health insurance application. Don't rush with it or you may land up providing inaccurate information or missing facts, which may affect you negatively later. You may land up paying higher premiums and even miss out on adequate coverage.

- Try and get an organization's group health insurance policy. Offering health insurance plans has become an industry trend. If your employer provides group health insurance, take it! Group rates are much more affordable than individual health insurance policies.

- Similarly associations, organizations, and clubs to which you belong may offer group health insurance as member benefits. Invest in these schemes that are not only affordable but may offer a number of other group benefits too.

- Find out the difference between "insurance" and "discounts". Don't misinterpret it. You may see many health discount plans at low prices. However, be careful before purchasing one as these plans are not actual insurance. They only provide discounts on health costs.

- Contact your state's department of insurance. Your state's department of insurance will let you know if a particular health insurance company is licensed to do business in your state (more info on these licenses and health insurance in general at Health Insurance Info site). The department can also offer further suggestions for saving money on health insurance.

- Don't change your insurance companies too often as many of them offer discounts to long-time policyholders.

- Review your policy from time to time. You may find you're paying for coverage you no longer require, or are not fully getting the coverage you need.