Acknowledgements:We thank Tim Zautcke at Humana for assisting in the development of the surveys and for providing insight and expertise on insurance product design, and Jonathan Steinhart for providing statistical analysis. Thanks also to Judi Israel Rosen and the Colchester Consulting Group for creating the Behavioral Economics Academic Consortium, a collaborative group of nine academics from five universities. The Consortium partners with major corporations to advance the field of behavioral economics and address complex business and social issues. This collaborative effort creates a unique forum to test concepts and put the insights of academic research into action.2 Abstract: We report results from two surveys of representative samples of Americans with private health insurance. The first examines how well Americans understand, and believe they understand, traditional health insurance coverage. The second examines whether those insured under a simplified all-copay insurance plan will be more likely to engage in cost-reducing behaviors relative to those insured under a traditional plan with deductibles and coinsurance, and measures consumer preferences between the two plans. The surveys provide strong evidence that consumers do not understand traditional plans and would better understand a simplified plan, but weaker evidence that a simplified plan would have strong appeal to consumers or change their healthcare choices.3