7. You went to get treatment for a chronic condition in 2019. How much of a $136,000 medical bill would you pay if your policy contains a $4000 deductible and a 20 percent coinsurance clause (that is applied after the deductible is met)?
first deductible is to be paid | $4,000 |
next 20% of the balance amount is to be paid ($136,000-4000)*20% | 26,400 |
total amount to be paid | $30,400 |
7. You went to get treatment for a chronic condition in 2019. How much of a...
There is a 1 percent chance (0.01) that you will have a medical bill of $100,000; 19 percent chance (0.19) that you will have a medical bill of $10,000; 60 percent chance (0.6) that you will have a medical bill of $500; and 20 percent chance (0.2) that you will have a medical bill of $0. A) What is your expected medical spending, without any insurance? B) If you have complete insurance (i.e. zero deductible, zero copay), what is your...
Do The Math 11-2 Health Care Event Protection Christina Haley of Elko, Nevada, age 57, recently suffered a stroke. She was in intensive care for 3 days and was hospitalized for 10 more days. Her total bill for this care was $129,500. After being discharged from the hospital, she spent 25 days in a nursing home at a cost of $250 per day. Christina, who earns $4,500 per month, missed two months of work. Christina had a health insurance plan...
Which one of the following is TRUE about the concept of "coinsurance": For property insurance, the main purpose of coinsurance is to get policyholders to share costs with insurers after the deductible is reached. For health insurance, the main purpose of coinsurance is punish policyholders for under insuring. For health insurance, coinsurance is used as an incentive for policyholders to use in-network providers. None of the above are TRUE. 26. а. b. с. d. 27. Which one of the following...
1. The patient's health insurance plan has a $750 deductible for hospital visits, and then it covers 100 percent of hospital visit charges. The patient's first hospital visit this year had charges of $612. The patient was subsequently admitted to the hospital a second time this year, and the charges totaled $358. How much will the patient be billed for each visit? How much will the health insurance plan reimburse for each visit?2 A patient insured under an indemnity plan...
CALCULATING COINSURANCE AND DEDUCTIBLE Use this information as you answer the follovwing questions Patient: Zach Green Deductible: $750 Coinsurance: 80/20 Patient out-of-pocket expense maximum $2,000 During Zach's first visit of the year, he incurred a $500 bill. Who pays this bill?, During Zach's second visit of the year, he incurred a S450 bill. Describe how the insurance carrier. 1. much is paid by Zach and s Zach had surgery, which was his third claim of the year. He had a...
A homeowners' policy will typically pay up to $500 per plant that is damaged by a covered peril. This is an example of: an aggregate dollar limit an open perils dollar limit C. a specific dollar limit a mixed dollar limit none of the above e. You purchase an annuity for which you will make one payment of $15,000 on your 50 birthday. The annuity will start paying you $400 a month on your 67" birthday until you die. What...
69) A policy that pays you back for actual expenses is called A) An indemnity plan. B) A deductible plan. C) A reasonable and customary plan. D) A reimbursement plan. E) A coinsurance plan m The set amount that you must pay toward medical expenses before the insurance company pays benefits is called A) Deductible. B) Reimbursement C) Indemnity. D) Internal limit. E) Reasonable and customary charges. 71) Which of the following is a government health care program? A) Health...
As with a Medicare RA, when a commercial RA is received, before posting payments and preparing secondary claims that may be required you must carefully review it. When analyzing an RA from a commercial carrier, you must be familiar with the guidelines of that carrier’s particular plan. The type of services covered and the percentage of the coverage will vary, depending on whether the plan is a fee-for-service plan, a managed care plan, a consumer-driven health plan, or some other...
1) The most common approach to health and healthcare in America is A) Reactive Health Approach B) Proactive Health Approach C) Health Promotion Approach D) Health Maintenance Approach 2) The Proactive Health Approach is A) treatment oriented. B) more costly than reactive health. C) prevention oriented. D) highly promoted by the insurance industry 3) The Reactive Health Approach is A) prevention oriented. B) leads to a high degree of health and wellness. C) less costly than proactive health. D) treatment...
1. How much would be in your savings account in 7 years after depositing S100 today if the bank pays 5 percent interest per year? A. $135.00 B. $140.71 C. $735.00 D. $814.20 2. What is the present value of a $500 payment made in 4 years when the discount rate is 8 percent? A. S365.35 B. S367.51 C. $460.00 D. $680.24 3. What annual rate of return is earned on a $5,000 investment when it grows to $7,000 in...