This paper investigates household microfinance decisions among rural households in Ghana. Savings, insurance, credit, and fund transfer mechanisms are all financial tools that make up a complex banking system that can be used in unison to manage assets and future risks. The study uses a 351 household sample to analyze factors associated with the purchase of health insurance and to investigate the association between insurance products and household savings. Household savings, access and use of health care services, the use of additional insurance products, dependents as a share of household employed, past exposure to shocks, average age of household members, and type of health facility used are all associated with health insurance purchasing decisions. Households with health insurance and/or life insurance coverage save, on average, more than households without similar insurance. Old age/pension insurance appears to have an opposite effect on household savings, instead “crowding out” savings. These findings are potentially related to simple exposure or may reflect different risk management techniques between households. Regardless, increasing access to comprehensive financial markets can help household reduce income and consumption volatility.