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Is it possible to get an affordable health insurance plan with no deductible? Yes, a zero-deductible plan means that you do not have to meet a minimum balance before the health insurance company will contribute to your health care expenses. Zero-deductible plans typically come with higher premiums, whereas high-deductible plans come with lower monthly premiums. An insurance plan with no deductible may appeal to consumers who frequently visit doctors or take several medications.

Health Insurance Deductibles: What to Know

Deductibles can range from hundreds to thousands of dollars, depending on your insurance policy. Whether or not you should choose an insurance plan with no deductible, an insurance plan with a high deductible, or an insurance plan with a moderate deductible depends on your household’s specific health care needs and budget.

How do Health Insurance Deductibles Work? 

Think of a deductible in these terms: First you pay, then they pay. In other words, before your insurance company begins sharing your healthcare costs, you are required to pay 100% of your medical expenses until your deductible is met. This means that if your insurance plan has a $1,000 deductible, your insurance company will not help with your healthcare expenses until you have paid $1,000 in medical services.

Why Choose a High-Deductible Health Insurance Plan Over a Zero-Deductible Health Insurance Plan?

Most people who choose a high-deductible plan do so because it will lower their monthly premium. Also, customers with a high-deductible plan are eligible for a Health Savings Account (HSA). An HSA allows you and your employer to deposit a limited amount of pre-tax dollars for medical expenses. 

High-deductible health insurance policies make sense for individuals who are generally healthy and who do not anticipate getting hurt. Hint: a high-deductible plan may not be the best choice for a racecar driver or professional wrestler.

What Does No Charge After Deductible Mean?

“No charge after deductible” means that once you have paid your deductible amount for the year, the insurance company will pay 100 percent of your future, covered medical costs, up to the limit of your policy. You will not have to pay a copay or coinsurance.

Will My Deductible Be My Only Out-Of-Pocket Health Insurance Expense?

No. Most health insurance plans have a deductible, coinsurance, and copays. Coinsurance is the percentage that you pay for a medical service vs. the percentage that your insurance company pays. If your coinsurance is 70/30, this means that you are responsible for paying 30 percent of your total medical bill and your insurance company is responsible for the other 70 percent (after your deductible is met).

A copay is a fixed amount that you pay for certain health services. The amount can vary depending on the services provided and can be required either before or after your annual deductible has been met. For example, let’s say that your copay for a general doctor visit is $20 and the doctor charges $100 for the service. If your insurance policy requires you to meet the deductible before the copay takes effect,  you would be responsible for the full $100 at the time of your visit. After meeting your deductible, you would only be responsible for paying your $20 copay at the time of your visit.

Finding health insurance plans with no deductible can be challenging. Fortunately, HealthMarkets Insurance Agency can help. Contact our licensed agents at (800) 360-1402 or get a free online quote today.


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