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Health Insurance for Single People

By December 7, 2019 October 6th, 2020 Insurance

Health insurance

Health insurance is often discussed in the context of families and children, but single individuals need health insurance just as much. It’s especially important if there’s only one income, as you typically don’t have as much cushion to rely on as homes with two or more incomes. If you get sick, it’s important to know that a health insurance policy will help pay expensive medical bills.

Typically, individuals over the age of 25 are unable to remain on their parents’ health insurance plans. This doesn’t mean you’re left without options, though. Individuals can find health insurance through:

  • Work Health Insurance. Workplaces often offer health insurance to full-time employees. Certain companies offer better health insurance than others, so take that into consideration before accepting a job offer. Ask about their health insurance plans.
  • Individual Health Insurance Policies. If you don’t work somewhere that offers health insurance or you’re working part time, you can purchase an individual health insurance policy. Although health insurance through a company is typically less expensive, you should still shop around and consider every possibility.
  • Medicare. Medicare is only available to eligible applicants. Eligible applicants are typically 65 years of age or older, are young with disabilities, or have an End Stage Renal Disease. If you’re not sure whether you qualify for Medicare due to a disability, find out more information at Medicare.gov.
  • Health Reimbursement Arrangement (HRA). Certain small companies (with less than 50 full-time employees) can choose to offer an HRA, which reimburses employees for medical expenses.

How Much is Health Insurance for a Single Person?

Health insurance for a single person depends on different factors. Age, health history and policy type can all affect health insurance premiums. In general, health insurance through a company averages $574 a month for a single person. An individual health insurance policy averages around $440 a month for a single person. In comparison, individual family health insurance averages around $1,168 a month.

While individuals are no longer punished for not carrying health insurance, it’s important for people living alone or depending on one income to have health insurance. Even copays for doctor visits can add up quickly, not to mention the cost of hospital visits or mental health services. There are different kinds of health insurance, as well, including fee-for-service and managed care. Most individuals in the U.S. carry a managed care health insurance plan. Speak to an Oklahoma City insurance agent today about protecting your future.