At our age, it's easy to act and feel as though we're invincible. But then we are, aren't we? Not quite. Far too many of us gamble by not having health insurance, risking years of debt and even bankruptcy. Finding and choosing a health plan can be a real pain, but when one minor medical emergency can seriously hurt your budget, consider it worth the temporary headache.

brass General Warning: Going without health insurance is a serious hazard to your health and financial future. The following may significantly lower your risks:

At the bare minimum, you should be covered by a "catastrophic" or "major medical" insurance plan. This can provide minimal coverage, usually hospital stays, surgery and other emergency medical needs. With low monthly premiums and high deductibles, these plans can be affordable, month-to-month, and offer security for worst-case scenarios.

Make sure you've looked at all your options before heading out to get health insurance on your own. Compare prices and benefits before committing to a plan. Here are some options you may have:

Family: If you're still covered on a parent's insurance, enjoy it while it lasts. Many plans will cover you while you are a full-time student in high school and college. When you're finally on your own, a legislative act called COBRA allows dependent children to extend their parent's coverage. Find out more at dol.gov.

School: Colleges and universities usually offer insurance, though their plans may compel you to use the school health center by charging extra for using outside physicians.

Work: Many companies offer insurance with employment. If you're on the job hunt, ask about health benefits and consider making it a priority.

Clubs: Some clubs and organizations, such as the American Federation of Television and Radio Artists as well as various college alumni associations, offer insurance to their members.

On your own: If you don't have access to insurance through school, work or family, it's time to find a plan independently. Search the Internet and contact local insurance agents. Shop around before purchasing a plan.

When you start looking for a plan, you'll see a confusing array of acronyms like HMO, PPO, EPO, and POS. These are all different types of insurance plans that vary in the amount of freedom they allow you to choose your doctors. Often, less restrictions come at a higher cost.

You'll be comparing different elements of health insurance plans such as premiums, deductibles, co-payments, and co-insurance/percentage participation. Check out the definitions below:

Providers: This term varies company to company, but generally designates healthcare providers, such as a doctor, clinic, or hospital.

Premium: The amount paid to the insurance company for the insurance coverage.

Deductible: The amount you must pay before your insurance plan begins paying claims.

Co-insurance: The percentage you pay when your health plan pays less than 100 percent of covered costs (also known as "percentage participation").

Co-payment: A specific charge for a specific item or service your plan may require you to pay.

No matter where you get an insurance plan, here are some key things to consider:

Budget: Can you afford the deductible, as well as the monthly premium and co-pay?

Health: Do you have bad eyes or chronic health issues? Consider what services and medical items you will need to be covered.

Lifestyle: If you participate in high-risk activities like skydiving or roller derby, then it's doubly important that you have coverage. You should seriously consider getting something to cover the occasional broken bone or stitches.

You can compare health insurance plans online at insurance.com and can find consumer assessments of health plans at cahps.ahrq.gov.
 

Sources: iii.org; insurance.com; howstuffworks.com; meps.ahcpr.gov; census.gov; governor.state.tx.us; ehealthinsurance.com