Craig's health insurance has no deductible and $15 co-payment for all physician visits and $25 for...

Craig's health insurance has no deductible and $15 co-payment for all physician visits and $25 for all labs. Craig goes to the local laboratory for a blood draw on January 1st. The bill was $80. How much will Craig pay for the visit?

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Expert Solution

Deductibles are the amount of money a person pays to cover medical expenses before his/her health insurance policy starts paying for a time period.
Co-payment is a way of sharing costs. You pay a flat amount for your medical expenses and your health insurance service provider pays the rest.

In this example, the insurance has no deductible, only co-pay. Which means that each time Craig will visit the doctor the health insurance provider will co-pay the balance amount with Craig.

Co-payments terms are:

$15 co-payments for all physician visit

$25 co-payment for all labs

The example given is of a lab where co-payment is $25.Hence the bill was $80, remaining of $80-$25=$55 will be paid by health insurance provider.

Craig will pay $25 for the visit.

keosha answered 1 year ago

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