Affordable Health Insurance for Singles

If you are single, you probably don't have the same health care needs as someone with a family. If you don't need maternity coverage or options for child well-care visits, you should be able to find a plan with relatively low premiums. Consider all the options available to you before choosing a health insurance plan.

High-Deductible Plan

• A high-deductible private medical insurance plan is a good option for a healthy single person who is self-employed or who cannot get health care insurance through an employer. High-deductible plans have lower monthly premiums than traditional independent health insurance plans. Features vary widely, but coverage typically does not begin until you have paid the deductible, although then you may pay no coinsurance or co-payments, and well-care visits may be exempt from the deductible altogether. Many high-deductible plans can be combined with Health Savings Accounts; contributions to the HSA are tax-exempt or deductible and cover any medical costs associated with your health care plan.

Insurance Through Work

• Getting a health insurance plan through your employer may be the easiest and most affordable option available. Many employers cover at least a portion of the premium costs, if not the entire amount, for their employees. The plan works well if you have a preexisting condition since no medical history is taken to qualify for the insurance. The insured individual is responsible for co-payments, deductibles and coinsurance. You can set up a flexible spending account through your human resources department to accumulate pretax funds for medical expenses. However, any contributions must be used during that tax year or you lose them.

Independent Insurance

• Another option is to choose an independent traditional health insurance plan. This plan will have co-payments, coinsurance and deductibles. The premium may be less expensive than a plan offered through your work if you do not need maternity coverage or insurance for children's medical expenses. If you have preexisting conditions, this option will not save you money, since insurance companies raise your monthly premiums to compensate.

Choosing the Right Insurance

• When choosing a plan, you need to look at more than just the monthly premium costs. You should also consider how much you are required to pay out of pocket and how much the plan will cover each year. Often work plans offer the most coverage at the lowest cost to you, but that is not always the case. Contact an independent health insurance agent or go to healthcare.gov to find more information on plans available in your area.