Suppose that you have private health insurance. Last year you were injured once, which represented the...

Suppose that you have private health insurance. Last year you were injured once, which represented the only time you had a medical expense. At the time, you paid $25 to see your doctor, who referred you to a specialist. The total bill for the specialist was $1,100. You paid the first $500, then 10% of the additional $600 (equal to $60). Which of the following is the deductible?

	a.	the difference between the $25 paid to the doctor and what the doctor actually received (that is, the amount the insurance company paid the doctor)
	b.	the $500 you paid toward the cost of the specialist
	c.	the $25 paid for the doctor visit
	d.	the $60 paid toward the cost of seeing the specialist

Expert Solution

b.the $500 you paid towards the cost of the specialist.

The amount paid initially before any amount is received by the doctor under health insurance is called deductible.

here, $500 is paid initially so this amount will be the deductible.

jeff jeffy answered 3 years ago

In the US, people die because they do not have private health insurance or their insurance...

In the US, people die because they do not have private health insurance or their insurance does not cover the treatments they need. A 2009 Harvard study published in the American Journal of Public Health found more than 44,800 excess deaths annually in the United States due to Americans lacking health insurance, equivalent to one excess death every 12 minutes. More broadly, the total number of people in the United States, whether insured or uninsured, who die because of lack...

Think about the last time (or a recent time) you were sick or injured and sought...

Think about the last time (or a recent time) you were sick or injured and sought out professional care. First, describe your illness/symptoms. Next, describe in detail the process by which you decided to seek out health care. In your discussion, address issues such as the following: What factors went into the decision? Did you do research before making the decision? If so, what kind of research? Discuss the temporal aspects of the decision (i.e., How long did you delay?...

You are interested in the effect of private vs. social (statutory) health insurance on health in...

You are interested in the effect of private vs. social (statutory) health insurance on health in Germany. a. Can you interpret the mean health difference between individuals with a private and individuals with a statutory health insurance as a causal effect of purchasing private health insurance? Why or why not? b. Employees can only switch from statutory health insurance to private health insurance when their annual income is above the social security ceiling (in 2015, this was 54,900 Euro). You...

In countries with private and voluntary health insurance

In countries with private and voluntary health insurance, the principle of community rating means that the insurance companies are not allowed to charge a premium which differs among the costumers according to their health conditions. Explain why this principle may lead to a situation where a considerable part of the population chooses not to have health insurance.

What difficulties in the provision of health insurance have led the private sector in search of...

What difficulties in the provision of health insurance have led the private sector in search of alternatives to the traditional indemnity policy model? Explain the basic rationale for what has come to be known as “consumer-driven health care.” How are these new insurance arrangements structured and how prevalent are they? Review the pros and cons of this type of insurance.

1) Once again, you have been asked to study the mean yearly tuition at private four-year...

1) Once again, you have been asked to study the mean yearly tuition at private four-year colleges and universities across the United States. You are interested in making some decisions concerning this population parameter. You select a random sample of 50 universities from this population. The mean tuition at these universities is found to equal $18,205. You still have reason to believe that the population standard deviation of the tuition amounts is known to equal $9,000. At both the 5%...

Now, suppose that all consumers have health insurance. Health insurance allows consumers to see the doctor...

Now, suppose that all consumers have health insurance. Health insurance allows consumers to see the doctor at half price (ie- there is 50% coinsurance Suppose that the market for doctor visits can be characterized by the following supply and demand equations: Q = 300 - P Q = 2P 10.9. Problem Set #5 - Part II - 10.9 (I) What is the total cost to the insurance company? A. $7,200 B. $12,000 C. $14,400 D. $22,600 E. $28,800

In a recent health insurance survey, employees at a large corporation were asked, "Have you been...

In a recent health insurance survey, employees at a large corporation were asked, "Have you been a patient in a hospital during the past year, and if so, for what reason?" The following results were obtained: 497 employees had an injury, 774 had an illness, 1,251 had tests, 246 had an injury and an illness and tests, 702 had an illness and tests, 506 had tests and no injury or illness, 953 had an injury or illness, and 1,548 had...

1. Which source of hospital revenue was zero prior to 1965? [A] Private health insurance...

1. Which source of hospital revenue was zero prior to 1965? [A] Private health insurance [B] Out of pocket payments [C] Medicare 2. In the United States, our health care system allows those with high incomes to purchase better quality care and medical services. What is an example of a way socialized health care systems allow citizens to purchase improved care? [A] “Los Privados”, a Cuban service of private physicians. [B] Medical tourism, where wealthy patients...

Suppose you have complete health insurance. You will use medical care up to the point where:...

Suppose you have complete health insurance. You will use medical care up to the point where: A) your total benefits equal the costs of providing the medical care. B) your marginal benefit is zero. C) your marginal benefit is equal to the marginal cost of the medical care. D) your marginal benefit is equal to the total costs of providing the medical care. E) your total benefits are equal to the cost of your health care insurance.

Question