Multiple Choice:
Mary Jane gets a student rate of $27.50 a month for health insurance. There is a $200.00 deductible, but no coinsurance payment. She recently received treatment for a covered condition. The bill was $2,350.00 Mary's insurance company provided payment of 80% of the bill less the deductible.
What was the company's payment? $1,880.00 OR $1,720.00
What was Mary's total cost (ignoring the monthly premium)? $630.00 OR $470.00
Please! help me with this. Thank You.
This answer that was given is not a correct answer. If someone could please help me figure this out Please. Thanks.
Let me see your work. I will be happy to critique it. Something is wrong if you are not getting this very straightforward problem.
Could someone Please tell me how to go about doing these two problems. Thank You.
To calculate the insurance company's payment and Mary's total cost, we can follow these steps:
1. Calculate the insurance company's payment:
- Start with the total bill, which is $2,350.00.
- Apply the deductible of $200.00. This means that the insurance company will only cover expenses beyond the deductible.
- Calculate the remaining amount after deducting the deductible: $2,350.00 - $200.00 = $2,150.00.
- The insurance company will pay 80% of the remaining amount.
- Calculate the insurance company's payment: 80% of $2,150.00 = $1,720.00.
2. Calculate Mary's total cost (ignoring the monthly premium):
- Start with the total bill, which is $2,350.00.
- Apply the insurance company's payment of $1,720.00.
- Calculate Mary's remaining cost: $2,350.00 - $1,720.00 = $630.00.
So, the correct answers are:
- The insurance company's payment was $1,720.00.
- Mary's total cost (ignoring the monthly premium) was $630.00.
I hope this helps! Let me know if you have any further questions.