There is no doubt that it is tough out there for folks trying to earn a decent buck and put a little on the side. In fact, nearly 40 percent of Americans say that they are living paycheck to paycheck. In times like these, it usually makes sense to cut out some unnecessary monthly costs. Health insurance should never be considered to be one of these. Repeat – health insurance is not an unnecessary monthly cost!

In the event of a serious illness or injury, not having health insurance could easily financially cripple you and your family. If you are on a budget, there are less-expensive health insurance options to consider:

Catastrophic Coverage
This type of plan involves a high deductible and a low monthly premium. Often times, young and healthy people who are not covered by their parents’ plan are a good fit for a high deductible, low premium plan. Adults between the ages of 50 and 65 also seek out this plan on a regular basis. It can be a good choice for them if they can afford occasional medical services, but would be severely financially strained in the event of an emergency.

Short-Term Plan
A short-term health insurance plan provides coverage for an amount of time ranging from a few months to a year. These plans are another good choice for folks who are looking to make sure they are covered in case of a catastrophic, unforeseen health emergency. Monthly premiums are rather affordable for short-term plans, but routine office visits and prescription drugs are not covered. The application process for short-term health insurance plans are straightforward and streamlined compared to other types of plans. However, people with pre-existing conditions have little hope of being approved.

Join a Parent’s Plan
Under the Affordable Care Act, young adults under the age of 26 are eligible to remain on a parent’s health insurance plan. This has helped some 6.6 million young adults stay on or get on their family’s plan.