Individual health insurance and cafeteria plans are options that can help you provide health care for your family.
Here's how to get a low cost plan.
Finding Affordable Individual Health Insurance If you don't have access to group health insurance to help you cover medical bills, an affordable individual health insurance plan is your best option.
The most affordable choice for comprehensive health insurance is a managed care plan such as an HMO or a PPO.
With these plans, your premium costs are lower but you must choose your doctors and hospitals from a list provided by the insurance company.
Another money-saving option, especially if you're in good health, is a major medical plan.
Such a plan provides coverage just for major accidents and illnesses, while you are responsible for routine office visits and other ordinary expenses.
What About Cafeteria Plans? Cafeteria plans are available for C corporations, S corporations, limited liability companies (LLC's), partnerships, sole proprietors, professional corporations and non-profits.
With a cafeteria plan, you can have money deducted from your paycheck pre-tax and placed into a spending account.
You can then withdraw the money from the spending account to pay medical bills.
One main benefit of cafeteria plans is that, because the cafeteria funds are withdrawn pre-tax, your annual income tax is lower.
Getting the Best Rate Whatever type of insurance you choose, be sure to take the time to shop around for the best and most affordable plan.
Insurance rates can vary dramatically from company to company, so comparison shopping before you buy can save you a lot of money.
The easiest way to comparison shop is to go to an insurance comparison website.
You just fill out a simple online form on the website and you'll then receive quotes from multiple A-rated health insurance companies.
On the best websites, you can even talk with insurance experts online and get answers to all your questions.