CHEMISTRY 3303.04 open assignment-All Answers Correct

Document Content and Description Below

Answer each of the following. If you are typing, be sure to save this in Rich Text Format, .rtf. 1) Health Insurance. (This section is worth a total of 25 points) The company you work for offers a ... choice of three different policies. Here are the details. Coinsurance is the percentage of bills you pay after the deductible. Your employer will be paying 70% of the premium. Insurance Company Deductible Coinsurance Office Visit Annual Premium AAA+ $2500 20% $25 $1883 Health Today $500 20% $25 $2343.36 Best Insurance $5000 20% 20% after deductible $821.80 a) Compare the Companies. Answer each of the following.  Which company has the lowest deductible (money you must pay on bills before the insurance will pay)? Lowest deductible is Health Today ($500)  Which company has the best Office Visit quote? While the $5000 deductible is in effect it’s Best Insurance, after that you pay 20% of the cost  Which company has the lowest annual premium? Lowest annual premium is Best Insurance b) Now, let’s try “what if”. What if you had medical bills for $10,000 for a minor surgery? What would each of the insurance policies pay if you had not yet paid any deductible? Remember that 20% is your part (coinsurance) so the insurer’s percent is 80% for the first formula. Show how you are getting the answer. Formulas: Insurer’s part of Medical Bill = (Bill – deductible) (80%) Your part of medical bill = Total bill – Insurers part  AAA+ Insurer’s Part of bill = (10000 – 2500 ) * 80/100 = $6000 Your part of bill = 10000 – 2000 = $8000  Health Today Insurer’s Part of bill = (10000 – 500 ) * 80/100 = $7600 Your part of bill = 10000 – 7600 = $2400 [Show More]

Last updated: 1 year ago

Preview 1 out of 4 pages