Yes this is possible
I have the 4G WiFi Mobile Hotspot with no contract, which I bought at the T-Mobile Store, I paid For the modem at Full Price, I think it was either 99.99 or 149.99. I pay for the 5GB No Contract Plan. I also Have a Samsung Galaxy S 4G in a contract. My thought process is, I need my phone, so I dont mind paying the contract and having the phone. Its kinda one of those nudge me to pay my phone bill LOL. However, My wireless card is not a necessity so I dont have that on contract. If funds get tight, then I just dont pay for the card and it gets shut off, and when I want to start using it again, I just pay a 25 dollar reactivation fee to get it running again. It's not a bad deal.
Love, Peace, and Chicken grease!
How can you claim to be a phone expert if ya don't own a phone? Thats why I buy em all!