Think You Can Afford to Skip Health Insurance?

Short-term insurance policies can last a couple months to a year with an option to renew, helping people in need of intermittent coverage. "Short-term policies generally have low monthly premium, but tend to have more exclusions like pre-existing conditions," says Zirkelbach. "If you have an extensive history, it will be difficult to get coverage. But health care coverage is more accessible and affordable than is widely believed, especially for that young age group."

One option for young workers in good health is catastrophic insurance like Blue Cross's Tonik and Core 5000 plans. Tonik offers bare-bones plans with high deductibles ranging from $1,500 to $5,000. For as little as $73 a month, depending on age and health, your care will be covered (after you meet the deductible), including emergency room and hospital stays. Catastrophic plans often have a lifetime cap -- Tonik's is $5 million -- so make sure it's high enough to cover a major medical crisis. Also: They rarely include maternity benefits.

Online resources such as ehealthinsurance.com are good places to compare the premiums, deductibles, prescription benefits (as well as important caveats on mental health and maternity coverage) from all the major insurance companies. Student specific coverage is also offered, as long as you're under age 29 and either a full time undergraduate or graduate student.

Medical bills can mount quickly, either leaving you with a future of debt, or burdening your family with a large liability. So get health insurance . "For a couple hundred bucks a month," says Fernandez, "it's worth it."

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