Health insurance usually pays less than the total loss incurred by levying out-of-pocket or direct costs...

Health insurance usually pays less than the total loss incurred by levying out-of-pocket or direct costs on the patient. This is known as:

Solutions

Expert Solution

Deductibles and copayments

Explanation:

Health insurance usually pays less than the total loss incurred by levying out-of-pocket or direct costs on the patient. In fee-for-service provider reimbursement, these are known as deductibles and copayments where deductible is the sum of money that must be paid every year before the policy becomes active and copayment is the amount paid while beneficiary uses the insurance.

keosha answered 1 year ago

Next > < Previous

Related Solutions

Determine the out-of-pocket costs for the following scenario. Guillermo's health insurance includes a $500 deductible and...

Determine the out-of-pocket costs for the following scenario. Guillermo's health insurance includes a $500 deductible and $25 co-payment for all physician visits. Guillermo visited the doctor for a sinus infection on January 1st. The bill was $50. How much will Guillermo pay for the visit? Determine the out-of-pocket costs for the following scenario. Jonathan's health insurance has no deductible and a $25 co-payment for all physician visits. Jonathan visited the doctor for a stomachache on January 1st. The bill was...

If rising health insurance premiums, deductibles, copayments, and other out-of-pocket costs contribute to putting quality health...

If rising health insurance premiums, deductibles, copayments, and other out-of-pocket costs contribute to putting quality health care out of reach for millions of Americans.” If millions of Americans cannot afford their insurance premiums, deductibles, co-payments and out-of-pocket costs for quality health care; who will then pay these costs and how are they transferred to employers and taxpayers, how will this impact the economy??

Casual Casual incurred total manufacturing costs of $24,500,000. Of this amount, $2,900,000 was direct materials used...

Casual Casual incurred total manufacturing costs of $24,500,000. Of this amount, $2,900,000 was direct materials used and $16,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $800,000; Work-in-Process Inventory, $900,000; and Finished Goods Inventory, $500,000. At the end of the year, balances were Raw Materials Inventory, $600,000; Work-in-Process Inventory, $1,800,000; and Finished Goods Inventory, $1,110,000.

The smith family has a basic health insurance plan that pays 80% of out of hospital...

The smith family has a basic health insurance plan that pays 80% of out of hospital expenses after a deductible of $250 per person. If 3 family members have doctor and prescription drug expenses of $877, $1,659, and $192 respectively, how much will the smith family and the insurance company each pay? How could they benefit from a flexible spending account established through mr.smith's employer? What are the advantages and disadvantages of establishing such an account?

Why is mental health disorder historically not covered/less covered by health insurance than other “physical” diseases?

The Baulding family has a basic health insurance plan that pays 80 % of out-of-hospital expenses...

The Baulding family has a basic health insurance plan that pays 80 % of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescription drug expenses of $ 993, $1,419, and $201 respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account?

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:

The Kelleher family has health insurance coverage that pays 75 percent of out-of-hospital expenses after a...

The Kelleher family has health insurance coverage that pays 75 percent of out-of-hospital expenses after a $500 deductible per person. If one family member has doctor and prescription medication expenses of $1,420, what amount would the insurance company pay? (Do not round intermediate calculations.) Insurance payment:

The Tucker family has health insurance coverage that pays 70 percent of out-of-hospital expenses after a...

The Tucker family has health insurance coverage that pays 70 percent of out-of-hospital expenses after a deductible of $720 per person. If one family member has doctor and prescription medication expenses of $2,700, what amount would the insurance company pay?

Subjects