Health Insurance Cost - Version 2.0 How to Reduce Your Health Insurance Cost. The unfortunate truth is that many health insurance policies are expensive. Some people cannot even afford to pay for health insurance. If you are shopping for a policy or already have one, there are some ways you can reduce your health insurance cost. The first is to review your policy or the type of policy you want. Make sure you are not paying for extras on the policy that you do not need. Often there are items on a policy that not everyone requires that results in a higher cost.