you must show all your work for full credit Use the following information to answer the following questions deductible: $1000 coinsurance: 20% out-of-pocket maximum: $8000 let's say you have $3000...
you must show all your work for full credit
Use the following information to answer the following questions
deductible: $1000
coinsurance: 20%
out-of-pocket maximum: $8000
let's say you have $30000 in covered medical expenses in January:
How much are you going to pay?
How much insurance company pays?
if you have an additional $20000 in medical expenses:
how much are you going to pay?
how much insurance company pays?
Homework Answers
How much are you going to pay?
First, I need to pay amount equal to deductible i.e D
D=$1000
Amount left after deductibles=30000-1000=$29000
I am required to pay 20% of this amount i.e.CI
CI=20%*29000=$5800
Total payment required by me=D+CI=1000+5800=$6800
How much insurance company pays?
Amount to be paid by insurer=30000-6800=$23200
if you have an additional $20000 in medical expenses:
how much are you going to pay?
I am required to pay 20% of additional medical expenses, i.e CIa
CIa=20000*20%=$4000
I would be required to pay $4000 in addition.
how much insurance company pays?
Additional amount paid by insurance company=20000-4000=$16000
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