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Are high deductibles and copays keeping you awake at night? Does the thought of health insurance with no deductible and no copay sound like a dream come true? People seeking affordable health coverage often envision this option as ideal. But is this scenario a dream, or is it too good to be true?

Weighing Your Options

There are all kinds of options when it comes to health insurance plans. But many of us want to know about one specific combination: is it possible to buy health insurance with no deductible and no copay? While there are plans with no deductible, and plans with no copays, all plans will have either one or the other. The question then becomes: does a plan with no deductible, or a plan that contains no copay, make the most sense for me? 

In order to answer these questions, we must first define what the terms deductible and copay mean. Simply put, deductibles refer to the amount of money you pay toward your health care before insurance starts covering costs. Depending on the policy, they can range from a few hundred dollars to several thousand. Copays are flat fees you pay toward doctor visits or prescriptions at the time of service.

While health insurance plans with no deductible, or plans with no copays, are available, the trade-off will almost certainly be higher insurance premiums. Premiums are the monthly, or sometimes quarterly, fee you pay to have health insurance. There is often an inverse relationship in fees. A lower cost in one area often equals a higher cost in another. So, having no deductible or no copay doesn’t mean you are saving a lot of money. Those costs will just come in a different form—like higher premiums and coinsurance.

The Appeal

Still zero-deductible plans, which are most commonly platinum, will still appeal to some consumers. If you visit doctors or specialists frequently, or have a chronic illness that requires several medications, health insurance with no deductible or no copay could help you spread your medical costs over the year. Families with children who are involved in sports, or who become ill frequently, may also be candidates for this type of plan. 

The best way to determine if this insurance option is best for you is to estimate your healthcare expenses and determine your priorities. The deciding factor might just be what you value more: saving on premiums, or not worrying about meeting a deductible when you access health care.

HealthMarkets Can Help

There are many things to consider when choosing health insurance. Let HealthMarkets guide you in your decision making. If you are looking for health insurance with no deductible or no copay, we can help you compare plans and talk you through your options. With HealthMarkets, good health care and your preferred deductible and copay may be more than just a dream. Call HealthMarkets today at (800) 360-1402.


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