Question

In: Finance

Georgio has a health insurance policy that includes a deductible of $400 and a coinsurance of 20%.

Georgio has a health insurance policy that includes a deductible of $400 and a coinsurance of 20%. If her total is $6000, how much will her insurance pay?

Solutions

Expert Solution

A deductible is the amount which the person will have to pay not the insurance companies.

A coinsurance percentage is the percentage for which insurance companies wont pay.

Here . Total bill = $6,000

deductible = $400

so bill to be paid = 6000 - 400 = $5600

coinsurance = 20%

So Insurance paid for Georgia = 5600*(1-20%) = 5600*80% = $4,480

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

Ariana’s health insurance policy includes a deductible of $1,500 and a coinsurance provision requiring her to...
Ariana’s health insurance policy includes a deductible of $1,500 and a coinsurance provision requiring her to pay 20 percent of all bills. Her total bill is $8,800. What is Ariana’s total cost?
Greg has a traditional health insurance plan with a $250 deductible, 80/20 coinsurance, and a $6000...
Greg has a traditional health insurance plan with a $250 deductible, 80/20 coinsurance, and a $6000 out-of-pocket limit. His total health care bill is $8,760. How much of this bill will he end up paying?
Let's say your health insurance plan has the following features:   • Deductible: $500 • Coinsurance: 80/20...
Let's say your health insurance plan has the following features:   • Deductible: $500 • Coinsurance: 80/20 (you pay the 20%; insurance company pays 80%) • Out-of-Pocket Maximum: $5,000   Now, let's say that you go to the hospital and incur $7,500 worth of medical expenses. How much do you have to pay out of pocket?   What would be your out-of-pocket cost for $20,000 of annual medical expenses? What would be your out-of-pocket cost for $40,000 of annual medical expenses?
Joanne has a health insurance plan with a $1000 calendar-year deductible, 80% coinsurance
Joanne has a health insurance plan with a $1000 calendar-year deductible, 80% coinsurance, and a $5,000 out-of-pocket cap Joanne incurs $1,000 in covered medical expenses in March, $3,000 in covered expenses in July, and $30,000 in covered expenses in December. How much does Joanne's plan pay for her July losses?(Careful: The facts on this Concept Check are the same as in the previous one, but the question asked is different) Joanne has a health insurance plan with a $1000 calendar...
Elise's health insurance policy has a deductible of $500, a $20 copayment on doctor visits, and...
Elise's health insurance policy has a deductible of $500, a $20 copayment on doctor visits, and coinsurance of 10% on all expenses other than those for which there are copayments. She visited the doctor four times last year (doctor's fee is $40 per visit) and underwent a surgery that cost $3,000. If instead she had had a policy with a $1,000 deductible, a $10 copayment on doctor visits, and no coinsurance, which of the following is TRUE regarding her expenses...
A health insurance policy has a coinsurance clause that requires the insured to pay the first...
A health insurance policy has a coinsurance clause that requires the insured to pay the first $250 of charges and 20 percent of additional charges up to a maximum total payment of $1,250. The bills for health care are January 5. $120.      March 30.           $45 April 18.     $375.      June. 20.             $63 August 25. $560.      October 2.           $190 November 1 $35.      December 20.     $95 Calculate the amount the insured must pay for each of the bills. Then determine the total amount...
A health insurance policy pays 70 percent of physical therapy costs after a $400 deductible. In...
A health insurance policy pays 70 percent of physical therapy costs after a $400 deductible. In contrast, an HMO charges $21 per visit for physical therapy. How much would a person save with the HMO if he or she had 10 physical therapy sessions costing $40 each? (Do not round intermediate calculations.) Amount of savings:
Rico has a comprehensive health care insurance policy with a $500 deductible per case and 80-20...
Rico has a comprehensive health care insurance policy with a $500 deductible per case and 80-20 with a maximum $1,500 copayment cap per calendar year. In March, Rico has a $1,200 claim. Rico experienced another claim in September resulting in a total bill of $9,000. a. How much the insurance company needs to pay to Rico for the first claim incurred in March?   b.How much is the total payment that Rico needs to pay for the second claim incurred in...
Rico has a comprehensive health care insurance policy with a $500 deductible per case and 80-20...
Rico has a comprehensive health care insurance policy with a $500 deductible per case and 80-20 with a maximum $1,500 copayment cap per calendar year. In March, Rico has a $1,200 claim. Rico experienced another claim in September resulting in a total bill of $9,000. i. How much the insurance company needs to pay to Rico for the first claim incurred in March? ii. How much is the total payment that Rico needs to pay for the second claim incurred...
Suppose that Larrys annual deductible for his health insurance plan is $10,000. His coinsurance rate is...
Suppose that Larrys annual deductible for his health insurance plan is $10,000. His coinsurance rate is 25%. The price of healthcare is $100 per visit, and Luke goes on 200 visits per year (after losing his hand, he’s REALLY sickly). Answer the following questions: How much does Luke spend out-of-pocket on healthcare? If Luke’s health insurance policy has a maximum out-of-pocket of $15,000, will this policy affect him? WHY or WHY NOT.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT