We all know intuitively it is a terrible idea to try to live without the security that comes with health insurance.
Most of us can get away with it for a while, but eventually we end up in a situation where we could realistically face financial ruin as the result of a health emergency. And if you are a single parent, that kind of financial hardship would be devastating.
Cheap Health Insurance
If you are a single parent, you may not think that you can afford health insurance.
Fortunately, there are more options available to help single moms and dads find cheap health insurance that they can fit into their budget. It may take a little initiative to locate them, but ultimately there is no reason to deny yourself or your children medical coverage.
Do Some Shopping Around
As a single parent, keep in mind there are several different costs associated with health insurance. The two primary ones are the premium and the deductible.
Generally speaking, you are going to want to go for a plan with lower premiums and a higher deductible. If you are willing to pay for a higher deductible, your monthly premium rates will be lower, which can make the insurance more affordable.
Another insurance-related expense to consider is the co-pay, or co-payment. This is the amount that you have to pay out of pocket when you visit the doctor – in general, the lower the co-pay, the higher the monthly premium.
To keep your premium rates low, you will need to be willing to settle for a slightly higher co-pay.
Cheap vs. Free
While it is possible to find comparably cheap health insurance if you are a single parent, understand that cheap does not mean free.
While, with a little bit of work you can find lower rates than you might ever have assumed possible, you'd better believe that your insurance company is still trying to turn a profit from your business arrangement – so do not expect financial miracles.
The best way to get the lowest possible insurance premium with the best possible coverage is to do some diligent shopping around. And be patient in your search.
Rates can vary widely from company to company, so doing your homework can save quite a bit of cash when it's all said and done. In fact, you may even find success in looking specifically for insurance companies that specialize in offering plans to single parents.