Fund that HSA early. If you're using a health savings account, deposit enough to cover your deductible in January, says Hungelmann. That way, if you get hit with a big bill early in the year, you're ready.

Know what you get for free. Many policies will pay for preventive care (like annual physicals) before you meet the deductible, says Kofman. Others will offer wellness features, price breaks on premiums for healthy habits, picking up all or part of the cost of gym memberships or smoking cessation programs. Check the menu to see if there are services you might want.

Examine limits before you buy. A wave of products aimed at cash-strapped consumers sport lower premiums, but also have low limits for what the company will pay out over the life of the policy (in the $5,000 to $10,000 range), says Kofman. Not a smart buy. Look out for annual limits, as well.

By comparison, many job-based policies offer no limits or lifetime limits of $2 million to $5 million.

3. Life and disability income insurance
Know why you're buying. Many policies advertise an investment component. That can be a great feature if you want to cover escalating premiums as you get older and your income shrinks.

Making smarter buying decisions

1. Overall 2. Health insurance 3. Life and disability income insurance 4. Home and auto

But don't look at it as a financial investment, says George Rejda, author of "Principles of Risk Management and Insurance" and professor emeritus at the University of Nebraska.

Instead, view it as a part of your insurance policy. If you want to invest money, do that separately.

Consider disability income insurance. About 6 percent of those who have short-term disability insurance have to tap it, according to the JHA 2006 Disability Fact Book. If something happens and you can't work for a while, "the economic consequences can be very severe," says Rejda.

Shop smart. With life insurance, consumers generally don't shop around, says Rejda. They may look at how much coverage they get for the premium, "but that number is incomplete," he says.

Instead, he advises consumers to ask for the "interest-adjusted cost" figure. That will include premiums, dividends, cash value and the time value of the money (what it would be at a moderate rate of return if you'd invested it instead). That tells you, says Rejda, what it will cost to hold the policy over 20 years "based on all the elements of cost."

4. Home and auto
Make sure you can rebuild from scratch. In the past few years, homeowners already reeling from disasters got some nasty surprises when they discovered they were underinsured.

Four points to consider with home and auto insurance

1. Is your homeowners policy keeping pace with the current value of your home? When you renew your policy each year, be sure to consider what your home is worth and what it would cost to rebuild (or buy a suitable replacement) today. 2. Have you made any improvements to the home? If you add a $50,000 kitchen renovation, increase your coverage to cover it. 3. Extended replacement cost coverage: This will add 20 percent to 50 percent to the amount of coverage you already have in case you have to rebuild, says Hungelmann. When it really comes in handy: If a large area sustains a loss, the price of manpower and supplies will likely increase. 4. Building ordinance coverage: This provides extra coverage so that you can rebuild your home under the current (likely more stringent) building codes. A good bet if your home is more than 10 years old, or if you live in a disaster-prone area that has upgraded its building requirements, says Hungelmann.