Question

Your health insurance has of an annual deductible of $750 per person or $1,500 per family....

Your health insurance has of an annual deductible of $750 per person or $1,500 per family. After meeting the deductible, you must pay 20 percent of covered charges until you reach $5,000 out of pocket, after which the insurer will pay 100 percent of the costs. Assume that your family had no other claims during the year and that your child requires emergency surgery. If the total covered charges for the surgery are $25,000, all incurred in the same plan year, how much will you end up paying out of pocket?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Becky’s comprehensive major medical health insurance plan at work has a deductible of $750. The policy...
Becky’s comprehensive major medical health insurance plan at work has a deductible of $750. The policy pays 85 percent of any amount above the deductible. While on a hiking trip, she contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a six-day hospital stay, totaled $8,893. A friend told her that she would have paid less if she had a policy with a stop-loss feature that capped her out-of-pocket expenses at $3,000. Was her friend...
You have a fee-for-service health insurance policy with 80/20 coverage. Your deductible is $750. In February,...
You have a fee-for-service health insurance policy with 80/20 coverage. Your deductible is $750. In February, you had a claim for a doctor’s visit for $250. In May, you have a minor surgical procedure at a clinic that cost $2500. (25 points) How much of this new claim will you have to pay?
The Baulding family has a basic health insurance plan that pays 80 percent of​ out-of-hospital expenses...
The Baulding family has a basic health insurance plan that pays 80 percent of​ out-of-hospital expenses after a deductible of​ $250 per person. If three family members have doctor and prescription drug expenses of $ 441​, $ 1,630, and $ 204 ​respectively, how much will the Baulding family and the insurance company each​ pay? How could they benefit from a flexible spending account established through Mr.​ Baulding's employer? What are the advantages and disadvantages of establishing such an​ account? The...
Medical Loss Ratio (MLR) is the percent of premium an insurer spends on claims and expenses...
Medical Loss Ratio (MLR) is the percent of premium an insurer spends on claims and expenses that improve health care quality. Under the Health Care Reform law, insurers and HMOs have to pay rebates to policyholders if they don’t meet an MLR standard of at least 80 percent (for individuals and small groups) or 85 percent (for large groups). Rebates are based on the previous calendar year's claims experience and are due by September 30 each year. Rebates apply only...
Your company has recently revamped its health care insurance plan. You now have a choice of...
Your company has recently revamped its health care insurance plan. You now have a choice of one of three plans as shown below: Plan 1: The monthly cost is $32 and the insurer pays 90% of all expenses after you have paid the first $500 each year ($500 deductible). Plan 2: The monthly cost is $5 and the insurer pays 90% of all expenses after you have paid the first $1200 each year ($1200 deductible). Plan 3: The monthly cost...
Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk,...
Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company’s health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. a) The monthly premium cost...
Ronald started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave...
Ronald started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company’s health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. The monthly premium cost to Ronald...
Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk,...
Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company’s health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. a) The monthly premium cost...
Ronald started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave...
Ronald started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company’s health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. The monthly premium cost to Ronald...
Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk,...
Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company’s health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information.    a. Blue Cross/Blue Shield...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT