Affordable Health Insurance for Singles

No matter what your marital status, health insurance is important -- and expensive. If you are the lone wage earner, those premiums may stretch your budget to the breaking point. There are options to consider that can provide some of the coverage you need while not breaking the bank.

Murphy's Law

Health insurance is like Murphy's Law; if you have it, you hope you never need it. And as soon as you give it up because you either can't afford it or never needed it, you will experience a medical catastrophe that will wind up costing you more money than you knew anything could possibly cost. As a single person it is probably not worth the risk. Options can offer affordable care and keep Murphy away from your door.

Considerations

In addition to the usual venues for health coverage, including large employer groups and individual coverage, there are other options in the form of union plans, alumni groups, government based insurance, private state plans, the Veterans Administration, and catastrophic and short-term coverage.

Government Plans

If you fall into a low-income group you may quality for Medicaid. This is a state-run plan funded by the state and federal governments, and fueled by your tax dollars. Each state has different eligibility requirements. You can check with the Social Security Administration, the Centers for Medicare and Medicaid and the social services department at your local hospital to learn more about your state's eligibility requirements. Some states have low-cost plans for single individuals who are not eligible for Medicaid. Many of these plans are HMOs and may provide basic care but they are definitely better than no coverage (See Resources). If you are a single Veteran, the Veteran's Administration offers health coverage. You can call your local VA or visit their website for more information.

Organizations

If you attended or graduated from a college or trade school, your alumni group may offer lower cost group health insurance. It is important to follow up by visiting your school's website or call your alumni services office to determine if health care coverage is available. If you are a member of a union, trade or professional group, many offer discounts on health and other types of insurance. Your union's credit union may also offer health insurance coverage. Speak with your individual union representative for more information.

Other Options

Catastrophic plans are available to cover medical emergencies. The deductibles are usually high and the coverage is straight forward, but if you need emergency care at least you will not be paying totally out of your pocket. Do not use this type of coverage as your only health care insurance. Catastrophic plans do not cover routine care, which can also be costly. If you have exhausted all other options, short-term health insurance is also available although it is not inexpensive. It comes with a high deductible and there is usually a waiting period but it will keep you from losing your life savings if you suddenly have a health problem. Short-term coverage works if you are a new grad or temporarily between jobs, and you do not have access to COBRA coverage. Catastrophic and short-term coverage is offered by many of the large, commercial insurance plans, such as Blue Cross and Blue Shield. Do your research and read the benefits offerings carefully before purchasing this type of coverage.

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