The purpose of Health Insurance is to protect a person from financial catastrophe. Most young people have very little net worth and very good health. These realities makes the health insurance product very undesireable to young people. Old people have had several decades to accumulate a large net worth. Old age also takes a toll on the body and a major medical event is very likely if not inevitable. These realities make the health insurance product very desireable to older people. The older you are and/or the sicker you are the more likely you are to desire to purchase health insurance. (Anybody see why health insurance continues to skyrocket?) It is very odd that the government thinks they can incentivize young people to want health insurance. The only effective method is to force young people to get health insurance via government force. The Affordable Care Act is not overreaching enough to encourage young people to make a poor financial decision. Many will chose to pay the fine even if the fine exceeds the cost of purchasing health insurance. That's just how much sense health insurance makes to many young and/or healthy individuals.
My question is about an average individual between the age of 14-39 and how much you think they should pay for health insurance in order for it to be a good financial situation.
If an individual has a net worth of $5,000 and is vulnerable to losing that $5,000 in the event of a major medical emergency, how much should that person invest per month to protect those assets?