How much money will a patient pay out of pocket, including 50% deductible, for a minor procedure that costs $200 before any insurance is applied? Dental Insurance Preventative Exam 100% Minor Restorative 80% Major Restorative Deductible $50.00 Maximum Benefit $1,000.00 Monthly Premium $20.00
Q: If a hospital received $9,000 in payments per year at the end of each year for the next (12) years…
A: Current value of collection payments(Present value) = Annual payment x PVIAF (rate %, year)
Q: Need help with risk managment. Rasp and his wife both have life insurance for 50,000 dollars through…
A: The question is based on the concept of risk management and insurance to minimize the associated…
Q: Roselyn had to undergo a major heart operation at Wellness Hospital. She was charged by the hospital…
A: The question is based on coverage and usage of medical cost in health insurance policy .
Q: A patient's insurance policy states: Annual deductible: $300.00 Coinsurance: 70-30 This year the…
A: Insurance is one of the way to reduce or manage the risk by paying small amount periodically. Person…
Q: If you earned $130,000 this year, you would pay more OASDI and Medicare than your partner who earned…
A:
Q: A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10…
A: The value of current asset for the future date based on the growing interest will be known as the…
Q: Health insurance policy pays 65% of physical therapy cost after deductible of $200. In contrast HMO…
A: Calculation of Amount Saved with HMO:The amount saved with HMO is $155.Excel Spreadsheet:
Q: Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive…
A: Tax-free Fringe Benefits There are some tax- free fringe benefits which are excluded from gross…
Q: AXA Insurance company sells life insurance policies for 5 years for 25 year old man. The amount…
A: Present value refers to the current value of expected income in the future at a given discounted…
Q: Health Insurance Plan Deductible $3,000 Co-insurance 20% Out-of-pocket $6,000 max Emergency copay…
A: Deductible is the amount you have to pay each year for eligible medical services before your health…
Q: A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10…
A: The future value formula can be used to derive the future value of a present sum or a stream of…
Q: Sal required surgery for a the removal of a tumor. His total bill for medical services was $90,000.…
A: Please see the step 2 for the solution
Q: A patient is admitted for appendectomy. His PhilHealth will cover up to PHP 24,000. His entire…
A: The answer is stated below:
Q: ealth Care Choices. You have a choice of two health insurance plans with the following terms. Assume…
A: Step 1 In cost management, the expense which has effective cost , in terms of same benefits , is to…
Q: Tommy Cook is 19 years old and is interested in purchasing a whole life insurance policy with a face…
A: Since you have posted a question having multiple sub-parts. All sub-parts are solved for you below.
Q: On April 1, 2020, our hospital buys an MRI machine for $1,000,000. It is financed for 5 years at 6%…
A: Journal entry to record the interest for the year to date: Date Particulars Debit ($) Credit ($)…
Q: 22. If a hospital received $15,000 in payments per year at the end of each year for the next six…
A: The Current value is the present value of a future amount i.e., it is the amount to be invested…
Q: II User pays ($) DELL Type here to search $500 ded plan Estimated medical costs ($) 0007 0009 000s…
A: The medical expenses are the costs incurred either to prevent from disease or cost incurred to treat…
Q: 5. ALGEBRA Ishiro Murakami has $15.60 deducted weekly for family medical insurance. His employer…
A: Annual Premium = Amount deducted weekly from employee / (100%-payment by employer)*52 weeks
Q: A patient is a member of a health plan with a 15 percent discount from the provider's usual fees and…
A: Calculation of day charges after deducting the discount of 15%: = 480 - 15% = 480 -72 = 408.
Q: Break-A-Leg Insurance Company sells a $500,000 insurance policy to thespians for self-inflicted…
A: Given information : Price of insurance policy = $500,000 Premium for the policy = $150 Probability…
Q: Roberto, age 50, has AGI of $110,000 for 2020. He has medical expenses of $13,200. How much of the…
A: Amount of Medical expense claimable as deduction under Schedule A for 2020 : Actual medical expenses…
Q: Use the given table. Parker's $250,000 whole-life insurance policy has a cash value of $11,286.…
A: Estimate the number of years of extended term insurance by referring to Tobacco rate @ 10 year level…
Q: Ariana's health insurance policy includes a deductible of $1050 and a coinsurance provision…
A: Coinsurance expense = Total expense - Deductible expense = 8,700 - 1,050 =…
Q: B. A patient is a member of a health plan with a 15 percent discount from the provider’s usual fees…
A: HMO (Health Maintenance Organization) is a medical insurance plan instituted by medical insurance…
Q: Using the Human Life Value Method, how much life insurance does Carl need? Family Share of Earnings…
A: Human life value method-This is an universal accepted approach to establish the economic value of a…
Q: Erie General Hospital wants to purchase a new blood analyzing device today. Its local bank is…
A: Formula: Present value = Amount *(1-(1+rate)^-years)/rate
Q: A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10…
A: The question is based on the concept of Annuity.
Q: Calculate the annual premium for a 20 year old male seeking 5 year term insurance valued at…
A: Insurance valued = 120000 Term = 5
Q: 1 Your friend is planning to open their own daycare center. They asked you to help them review their…
A: Break-even analysis is a technique used widely by the production management. It helps to determine…
Q: Anita pays 50% of the total cost for her benefits, her employer pays the other 50%. monthly premium…
A: Total Combined benefit payable = Health premium + Dental Premium = $167.50 +$75.50 = $243 Since…
Q: Roselyn had to undergo a major heart operation at Wellness Hospital. She was charged by the hospital…
A: Total Medical Cost = Surgery + Doctor Fees + Hospital Room + Medical Supply and Ct-Scan
Q: Aisha has a health insurance policy with an 80 / 20 coinsurance and deductible of $3,200. She has…
A: In this we have to calculate how much patients will pay and how much is paid by insurance.
Q: ou are the beneficiary of a life insurance policy. The insurance company informs you that you have…
A: Annuity refers to series of equalized payments that are made either at end or start of specific…
Q: Aisha has a health insurance policy with an 80 / 20 coinsurance and deductible of $3,200. She has…
A: Insurance is an agreement or a contract between the insurer and the insured that is represented by…
Q: A consumer’s demand for a medical service is Q=100−PP where PP is the out-of-pocket price she…
A: Given: A consumer’s demand for the medical service is given as where is the out of pocket price. The…
Q: each year? 19. The chief financial officer of a home health agency needs to determine the present…
A: The question is related to time value of money concept. Deternine the present value of investment of…
Q: QUESTION 4 Bob and Roberta are married and have two children. They are covered by a comprehensive…
A: Coinsurance is the amount, usually stated as a fixed percentage, an insured must pay against a claim…
Q: 9. Define out of pocket maximum. a. A flat-rate fee you must pay when receiving any kind of health…
A: Out of pocket maximum is Insurance coverage term
Q: Calculate the amount that the pharmacy bills to the insurance company under the formula of AWP plus…
A: The amount that can be claimed from an insurance company is as per the formula which insurance…
Q: Auto insurance options offered by AA Auto Insurance are outlined in the table below. What monthly…
A: General insurance companies provide insurance vehicle and auto injuries and accidental injuries but…
Q: How much will his insurance cover in each of the following situations? Will he have any…
A: Bodily injury liability is a liability that occurs when you are at fault in a car accident, medical…
Q: 3. Two different insurance agents present you two health insurance policies as follows. AIA: It…
A: Better insurance policy is one that provides you the maximum coverage. Reimbursement rate or…
Q: Julia pays $500 for an insurance policy with anexpected value of $120. Explain why this is a…
A: Expected value of an insurance policy is that value which is going to be derived from that insurance…
Q: QUESTION 12 Abeer has a major medical pblicy with a 5200o deductible. She is required to pay 25…
A: A medical policy is a policy in which the medical expense of the insured person is paid by the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A consumer’s demand for a medical service is Q=100−PP where PP is the out-of-pocket price she actually faces. She is considering four different insurance options: uninsurance, full insurance, a 50% coinsurance plan, and a copayment plan with a $25 copay. a. Assume this service has a list price of PL =$70. Calculate Q under each insurance plan.b. Calculate the amount of social loss under each insurance plan.c. Derive a general expression for social loss as a function of x and PL, where x is the copay amount under a copayment plan. For simplicity’s sake, assume x<PL.d. Derive a general expression for social loss as a function of y and PL, where y is the coinsurance rate.Health Care Choices. You have a choice of two health insurance plans with the following terms. Assume that both plans cover 100% of expenses after the deductible and co-payments. Plan A Plan B Monthly premium: $300 Monthly premium: $700 Annual deductible: $5000 Annual deductible: $1500 Office visit co-payment: $25 Office visit co-payment: $25 Emergency room co-payment: $500 Emergency room co-payment: $200 Surgical operations co-payment: $250 Surgical operations: no co-payment Suppose that during a one-year period your family received the following medical bills. Service Total cost (before insurance) Jan. 23: Emergency room $800 Feb. 14: Office visit $100 Apr. 13: Surgery $1400 June 14: Surgery $7500 July 1: Office visit $100 Sept. 23: Emergency room $1200 Determine your annual health care expenses if you have Plan A. Determine your annual health care expenses if you have Plan B. Determine your health care expenses for the year if you have…Auto insurance options offered by AA Auto Insurance are outlined in the table below. What monthly payment would you expect for an insurance polier through A Auto Insurance with the following options? Bodily Injury: S50/100,000 Property Damage: $100,000 Collison: S100 deductible Comprehensive: $100 deductible a.$845 b. $350 c. $7O d. $67
- Break-A-Leg Insurance Company sells a $500,000 insurance policy to thespians for self-inflicted lower-body extremity injury. The premium for the policy is $150 per year. If the probability that an actor actually breaks their leg and is paid $500,000 is 0.0001, compute the expected value the insurance company should expect to receive per policy sold. The insurance company should expect to receive how much money?You have a policy with a $1,000 deductible, 80/20 co-insurance, and a $7,500 maximum OOP. You become ill and are hospitalized for two days. The total cost for your treatment is $26,000. Answer the following questions. How much will you pay of the deductible? How much will you pay in co-insurance? What is the total OOP you will pay for this hospital visit? During the same policy year, you have an additional medical expense of $3,500. How much will you pay? What is your total OOP for the year-to-date? Later in the same policy year, you have a $5,000 charge for tests required after your previous hospital stay. How much will you payKk105. Find the annual premium. Face Value: $30,000 Age of Insured: 50 Sex of Insured: M Type of Policy: Universal life
- Find the following: (Round your answer to the nearest cent.) Value of Property Amount of Insurance Kind of Policy Actual Fire Loss Amount Insurance Company will Pay $300,000 $200,000 80% Coins. $160,000Mary Elizabeth has Medicare Part B. Medicare requires a yearly deductible of$110.00. After the deductible has been met, Medicare's coinsurance is80/20. Mary Elizabeth has paid only$72.50toward her deductible. Today's bill is$115.00. How much will Mary Elizabeth be responsible for?Subject :- Accounting Helen is contemplating purchasing a single premium annuity from an insurance company. The insurance company is promising to pay $594000 after 8 years. They are estimating a 10% annual return. What amount should Helen pay the insurance company today? $742500 $275137 $277107 $594000
- A patient is admitted for appendectomy. His Health insurance will cover up to Php 24,000. His entire hospital bill totals up to Php 36,000. Considering that he has a deductible of Php 500 and a 5% co-insurance, what is the patient's total out-of-pocket expense?Health insurance policy pays 65% of physical therapy cost after deductible of $200. In contrast HMO charges $15 per visit. How much person save with HMO if she had 10 Physical therapy s$50 each?An insurance company has a simplified method for determining the annual premium for a term life insurance policy. A flat annual fee of $150 is charged for all policies plus $2.50 for each thousand dollars of the amount of the policy.For example, a $20,000 policy would cost $150 for the fixed fee plus $50, which corresponds to the face value of the policy. If p equals the annual premium in dollars and x equals the face value of the policy (stated in thousands of dollars), determine the function which can be used to compute annual premiums.