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5 Tips for Setting Up Your Employee Benefits

Choose a Health Plan That's Right for You

Everyone knows that health care costs an arm and a leg these days, so any health insurance plan is better than none at all. But when setting up your employee benefits, look closely at the available health plans: Some may cost you a whole lot less than others.

Many companies now offer a traditional plan and a high-deductible plan. The traditional plan has a higher premium, which is the amount of money you pay monthly to the insurance company for coverage. However, it also has a lower deductible -- the amount of money you have to spend before your insurer begins paying your medical expenses. High-deductible plans, on the other hand, charge lower monthly premiums, but have more costly deductibles.

The best plan for you depends on your situation. If someone in your family has a chronic medical condition, the traditional plan is best because it pays out more in the long-term. It's also a good choice if you're older or have a large family, since the chances of a severe illness are higher. If you're young and healthy, however, high-deductible plans could save you a great deal of money in lower premiums ... that is, if you manage to stay out of the hospital.

Be on the lookout for other ways to reduce costs. Some employers offer lower premiums -- or even cash -- to employees who participate in wellness programs, which typically provide services like personalized health reports, educational materials, weight-loss support groups, fitness classes and counseling. Sure, it'll be a little more work, but hey, you'll be healthier and richer!