Whether it's a PPO or HMO plan, health insurance is full of choices. You can decide how to manage your risk by considering how much you could comfortably spend in the case of an injury or illness.

Policies with higher deductibles often accompany lower premium payments, but you'll still be responsible for paying smaller medical bills. If you want to save money in the short term, consider opting for a low-premium, high-deductible policy. Policies with lower deductibles are more expensive at first, but typically provide better coverage options.

Occasionally, you can save money by paying your premium all at once. And if you expect to visit a doctor frequently, consider a policy with a lower copayment. Lastly, be as honest as possible when getting your quote. In certain cases, undisclosed conditions can result in a canceled policy when you need it most.

Coverage can vary greatly by plan, so be sure to read through the fine print or speak to an agent if you have any questions.