Chemistry > QUESTIONS & ANSWERS > Keystone National High School CHEMISTRY 3303.04 open assignment (All)

Keystone National High School CHEMISTRY 3303.04 open assignment

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Assignment: Open Response 3 (50 Points) Answer each of the following. If you are typing, be sure to save this in Rich Text Format, .rtf. 1) Health Insurance. (This section is worth a total of 25 po ... ints) The company you work for offers a choice of three different policies. Here are the details. Coinsurance is the percentage of bills you pay after the deductible. Your employer will be paying 70% of the premium. Insurance Deductible Coinsurance Office Annual Company Visit Premium AAA+ $2500 20% $25 $1883 Health $500 20% $25 $2343.36 Today Best $5000 20% 20% after $821.80 Insurance deductible a) Compare the Companies. Answer each of the following. • Which company has the lowest deductible (money you must pay on bills before the insurance will pay)? h e:o. H·Y'\ +ooo.\\ • Which company has the best Office Visit quote? ~At\-\ (:).."('-6 '0C0\~Y\ ~c,;:¼':I • Which company has the lowest annual premium? ~-\ \'("\SU\"0.~ CC b) Now, let's try "what if'. What if you had medical bills for $10,000 for a minor surgery? What would each of the insurance policies pay if you had not yet paid any deductible? Remember that 20% is your part (coinsurance) so the insurer's percent is 80% for the first formula. Show how you are getting the answer. Formulas: Insurer's part of Medical Bill= (Bill - deductible) (80%) Your part of medical bill= Total bill - Insurers part • AAA+ Insurer's Part of bill=~ lo o o o I Your part of bill=~~ DCO I • Health Today Insurer's Part of bill = 1 \oOO I Your part of bill= ~'l ADO I Coo y.. 0 't • Best Insurance Insurer's Part of bill = ~'\ ICC)O Your part of bill = ~l.o ,DOO c) Now let's do another "what if'. What if the normal cost of an office visit to your regular doctor is $80, without insurance? With AAA+ and Health Today you would pay only $25 for the office visjt, as it is not part of the deductible. With Best Insurance, if you have not met the deductible yet, you would pay the whole cost of $80. You may have a lot of office visits before you pay the deductible on this insurance. Let's assume that you have met the deductible and see what the office visit would cost. You will pay 20% of it [Show More]

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