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At one point or another everyone needs health care. That’s why having health insurance is important, both for your well being and peace of mind. Yet if you are young, healthy and single you may decide to do without it, thinking you’ll avoid expensive monthly premiums. But health insurance for individuals doesn’t have to be expensive. In the same way you don’t overpay for other things in your life —whether it’s groceries, a cell phone contract or a car—you don’t need to overpay for health insurance. Here are some ways to help keep the costs within your budget:

Get a High Deductible Health Plan.

Insurance plans usually require you pay a certain amount out of your own pocket for doctor visits, before the plan starts paying. That amount is known as your deductible and it renews each year. A high deductible health plan is just that, a plan with a deductible amount higher than those of traditional health insurance plans. This year the minimum deductible required for a plan to be considered high deductible is $1,250 for an individual. That may sound high, but if you don’t visit the doctor very often you won’t spend anywhere near that amount, and high deductible health plans generally have lower monthly premiums than other plans. Those lower premiums often make health insurance for individuals very affordable, and may definitely save you money on premiums.

Open a Health Savings Account.

If you do opt for a high deductible plan you’ll want to open a Health Savings Account, or an HSA. It’s essentially a savings account for out-of-pocket medical expenses, but it has some benefits. The money you put into an HSA is tax deductible and it earns interest–and grows–tax-free. Withdrawals for medical expenses like doctor visits, prescriptions, over-the-counter drugs and other health-related purchases are also tax-free. For a single person, contributions to an HSA are limited to $3,300 a year in 2014. If it’s health insurance for individuals you want, then an HSA can be a smart idea, allowing you to put money aside for medical expenses and cut your tax bill at the same time.

Health insurance for individuals, especially for the young and healthy, doesn’t have to be expensive. At HealthMarkets, we can help you cut the cost of insurance and health care services. With access to more than 200 different insurance companies nationwide, we can help find the plan that’s right for you. Call us 24/7 at (800) 304-3414 or meet with one of our 3,000 licensed health insurance agents.


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