I really want to cancel my health insurance to save money. Im 23 and I never (knock on wood) have health issues. Im in good health and I feel as though the 160 I spend per month is wasted. I know it could come in handy if something major happens like if I break something but I really need money. I only make 1400 per month and I have a ton of debt to pay off. What should I do?

Before dropping your coverage, see if you can find a plan that’s more affordable.

Do you get your current coverage through an employer, or is this a plan that you bought on your own? If it’s an employer-based plan, you may not be able to cancel it until your annual open enrollment period comes around. Talk to your HR department to learn more, and ask them if they have a more affordable option for you too.

If you are able to get out of your employer-based plan or if the plan you have now was self-purchased, you may have some other, more affordable choices in the individual health insurance market. It’s going to depend to some degree on where you live, your health history, and what kind of coverage you currently have. But, for example, a plan with a higher deductible may save you money on your monthly premiums. If you’re a single male you may also be able to save by going with a plan that doesn’t cover maternity care, or one that only covers generic drugs.

Work with a licensed agent in your state or online to see what you’re other options may be.

You may be tempted to go without coverage in order to save money, but what happens if you have a bad accident or unexpectedly get ill and end up in the hospital? Without some kind of coverage to back you up financially, you could end up in a worse place, money-wise, than you already are.

Best wishes.

Since you are low income you can go to a county health clinic if you need to see a doctor. It shouldnt cost more than $50 but if you need treatment that is extra and you pay for that 100%. You can take a chance but that is very short-sighted on your part. $160 a month is very cheap for health insurance. You wont find anything cheaper than that.

As the other person said, in 2014 you will have to buy insurance from an insurance exchange which will give you a tax credit when you file your return. That will be a government requirement unless the Supreme Court overturns that legislation later this year. The purpose of this mandate is for people like you who cannot or dont want to buy insurance, then end up at an ER of a hospital and the government has to pay the bill.

What will you do if something "major" does happen ?

You should look for insurance that costs less. If you can buy insurance for less, and then cancel the more expensive insurance, but keep the less expensive insurance, then do that.

Do not cancel your insurance without getting other insurance. Breaking something is not major. If you just break something, then you might have to spend only $1000-$10,000. If you get cancer, you might have to pay $100,000 to several million dollars.

You should look for insurance that costs less. If you can buy insurance for less, and then cancel the more expensive insurance, but keep the less expensive insurance, then do that.

Do not cancel your insurance without getting other insurance. Breaking something is not major. If you just break something, then you might have to spend only $1000-$10,000. If you get cancer, you might have to pay $100,000 to several million dollars.

Why not go with a very high deductible instead of going with no coverage at all? Look into what the cost is for a $5,000 or $10,000 deductible. That way if you are hospitalized you might cringe at paying such a high deductible but you won't be financially ruined if the worst does happen.

It's not the small bills you have to worry about - it's the big ones.

Uninsured medical bills are the #1 reason for bankruptcy filings in the USA.

Don't cancel the health insurance - get a second job, part time, to increase your income.

Before you do this, see if you can raise your deductible.
If anything major happens, such as you fall, and break your leg, the bill could easily be $10,000.

Why don't you read back about a dozen questions about the person who never figured they need insurance either and ended up with pancreatitis.

That's just one example of why your idea is not a good one.

Just wait for Obamacare to kick in. You will be required by law to buy insurance.