There are now two zero deductible health insurance plans offered to Connecticut residents on a non-group basis that we feel offer a good value for our clients. Connecticare offers one and Aetna offers the other. These zero deductible plans are included in any CT health insurance quotes you request from us.
There are two things that everyone should know about no deductible health insurance plans. The first is that high deductible health insurance plans will usually out perform a no deductible plan. The second is no deductible health insurance policies will almost invariably have other cost shares.
No Deductible vs. High Deductible
More often than not, a policy from Aetna, Connecticare or Blue Cross Blue Shield with high deductible coverage will provide a better option than one of the zero deductible plans. This is because the high deductible plans cost so much more. You wind up paying a lot more for only a little more coverage in many instances.
Zero Deductible Health Insurance Still has Co-pays and/or Coinsurance
A deductible isn’t the only cost share in a health insurance policy. The other two major cost shares are co-pays and coinsurance. A zero deductible medical insurance plan often makes up for its lack of deductible by having high coinsurance amounts or high co-pay amounts.
What is a co-pay?
A co-pay is a flat amount that you pay each time get certain benefits. For example, you might pay a $15 co-pay for a 30-day supply of a drug. You will pay a $500 a day co-pay for the first 4 days in the hospital each year on the Connecticare zero deductible plan.
Co-pays are different from deductibles because you will typically pay the same amount each time you get a particular service. A health insurance deductible is usually paid once per calendar year.
What is Coinsurance?
Coinsurance is a percentage that you must pay when you receive certain services. In most policies, it is 20%, but it can be much higher.
Coinsurance is usually limited by your “stop loss” or “out of pocket maximum.” This means, that the 20% may only apply to $10,000 of a $100,000 hospital bill.
It pays to understand any medical insurance policy before you buy it. Ask us any questions about any plans you are considering and/or read your policy’s brochure before making a decision. A zero deductible policy can be a good deal, but it often costs so much more than a high deductible health insurane plan that the extra costs outweigh the added coverage.