Current economic conditions have American consumers all looking for ways to bring costs down in the family budget, and health insurance is no exception. In fact, low cost health insurance is in higher demand than ever. The Bureau of Labor statistics reports that unemployment rates are at 9.7%, higher than they’ve been in almost twenty years. Layoffs are filling the health insurance market with private parties looking for options to replace the healthcare once provided by their employer.

More than this, many employers are no longer offering health insurance coverage to their employees as costs continue to mount. Even those with health insurance plans through their employers are still paying plenty. The Kaiser Family Foundation reports that average health insurance premiums in 2008 were 119% higher than in 1999 and employees paid 117% more. This means employees are paying slightly less as a percentage of total premiums, but high total premiums are pricing many employers right out of the market, leaving some consumers to fend for themselves.

Politically, the debate over healthcare reform rages on. Meanwhile, many are looking for inexpensive health insurance options to care for themselves and their families right now. The site HealthQuoteFinder.com reports an increase of 25% in quotes from 2008 to 2009.

The temptation is great for consumers looking to just grab the lowest health insurance quote available because “it’s better than nothing,” but some are finding that just going with the lowest quote isn’t necessarily the best way to go. There are a number of factors to consider while shopping health insurance quotes, factors that could have ripple effects over time should the consumer ever actually need to use the insurance, as most do.

If you can, buy health insurance when you don’t actually need it. A significant chunk of the 47% of Americans who don’t have health insurance are adults under the age of 30 who rarely get sick enough to see a doctor and see no need to be insured. This is actually an ideal time of life to shop for coverage since insurance companies have found they pay more claims on the middle-aged or elderly versus younger people. Waiting until there’s an urgent, or even catastrophic need for health insurance may not only mean high premiums and deductibles; it could mean total denial of coverage outright.

In looking for quotes there’s no way to read the fine print too carefully. Watch out for clauses that will not cover pre-existing conditions. Low premiums may be cold comfort for those with conditions that need regular attention and find they’re paying out-of-pocket for the care they need. Waiting periods may be required, which can keep the premiums low. Consumers should consider the risks carefully.

While many decry health insurance plans for covering too little, consumers should watch for plans that cover too much. Many insurers are embracing acupuncture and alternative medicine options for patients, but those who have no interest in these options shouldn’t pay for them in their monthly premiums. The same principle applies for psychiatric care, prescription drug coverage, and other options not suited to many consumers.

Alternatives should also be carefully considered. Healthcare savings accounts (HSAs) and plans that give patients the opportunity to share their medical bills called medical sharing societies are growing in popularity. HSAs provide high-yield savings accounts that can only be drawn on in the event the funds are needed for medical expenses.