Check to see if your health insurance policy has a waiver of premium rider. If it does, you will be allowed to suspend your premium payments during a period of illness or disability subject to the terms of your insurance policy. Another option is to substantially increase your emergency reserves by "paying yourself first" as soon as you are paid. A qualified "health savings account" may be a good place to deposit these savings if you are eligible to open one (i.e., you have a high-deductible health insurance policy). A third option is to explore other types and sources of health insurance that may be less expensive than your current coverage such as coverage available under a spouse's plan (if applicable), a state-sponsored health plan you may qualify for, or a high-deductible health insurance policy. A high-deductible policy will cover the high catastrophic medical expenses that you are concerned about but you will need savings set aside for expenses below the deductible amount. We would like your feedback on this Personal Finance Frequently Asked Question.

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