smart spending

Financial planning tips for single parents

Tip No. 6: Get health insurance
Tip No. 6: Get health insurance © Kuzma/Shutterstock.com

"Health insurance is the number one insurance need for a single parent," says Tom Morrill, owner of The Morrill Insurance Group. He says he became an insurance broker as a result of his experience trying to find health insurance after his former employer went bankrupt.

For the uninsured, medical costs can be crippling. A recent study led by a Harvard group published in The American Journal of Medicine revealed that 62 percent of bankruptcies were caused by medical debt.

Losing health insurance commonly occurs after the death of a spouse or a divorce. Now that the insurance exchanges from the Affordable Care Act are up and running, comparison-shop for policies at your state's marketplace or at HealthCare.gov -- or find a reliable and experienced broker who will do the shopping for you. The National Association of Health Underwriters offers information about brokers on its site. You can also get a quote through Bankrate's insurance channel.

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