Becky’s comprehensive major medical health insurance plan at work has a deductible of $720. The policy...
Becky’s comprehensive major medical health insurance plan at work has a deductible of $720. The policy pays 85 percent of any amount above the deductible. While on a hiking trip, Becky contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a four-day hospital stay, totaled $9,213. 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 $4,600. a. Calculate the total amount Becky would pay under the current policy. (Do not round intermediate calculations. Round your answers to 2 decimal places.) b. Would a $4,600 stop-loss provision on her current policy have reduced Becky's cost for this illness?
Homework Answers
Information Given -
Becky’s comprehensive major medical health insurance plan at work has a deductible of $720.
The policy pays 85 percent of any amount above the deductible.
Becky contracted a rare bacterial disease. Her medical costs for treatment, including medicines, tests, and a four-day hospital stay, totaled $9213.
.
(a). Calculate the total amount Becky would pay under the current policy.
Answer -
Total Becky would pay = Deductible + [ (Total medical expense - Deductible) * (100% - 85%) ]
= $720 + [ ($9213 - $720) * (100% - 85%) ]
= $720 + $1273.95
= $1993.95
.
(b). Would a $4600 stop-loss provision on her current policy have reduced Becky's cost for this illness?
Answer -
No, a $4600 stop-loss provision on her current policy have not reduced Becky's cost for this illness, because Becky's total cost is $1993.95, which is less than the stop-loss of $4600.
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