patient paid $125.00 toward deductible od 500.00 80-20 coinsurance charges of 134.00, 147.00 and 83.00 what will patient pay and what will be reimbursment
Please re-type all this with correct capitalization and punctuation. It makes no sense as it currently is.
To calculate the patient's payment and the reimbursement amount, we need to understand how the deductible and coinsurance work.
1. Deductible: The patient has already paid $125.00 toward a deductible of $500.00. This means that the patient still needs to pay an additional $375.00 to meet the deductible.
2. Coinsurance: After the deductible is met, the insurance plan typically covers a certain percentage of the charges, while the patient is responsible for the remaining percentage (coinsurance).
Given that the coinsurance rate is 80-20 (where the insurance covers 80% and the patient is responsible for 20%), we can calculate the patient's responsibility and the reimbursement amount for each charge:
Charge 1: $134.00
- Insurance covers 80%: $134.00 x 0.80 = $107.20
- Patient's responsibility: $134.00 x 0.20 = $26.80
Charge 2: $147.00
- Insurance covers 80%: $147.00 x 0.80 = $117.60
- Patient's responsibility: $147.00 x 0.20 = $29.40
Charge 3: $83.00
- Insurance covers 80%: $83.00 x 0.80 = $66.40
- Patient's responsibility: $83.00 x 0.20 = $16.60
Now, let's calculate the total patient payment and the reimbursement:
Total patient payment:
$26.80 + $29.40 + $16.60 = $72.80
Total reimbursement:
$107.20 + $117.60 + $66.40 = $291.20
Therefore, the patient will pay $72.80, and the reimbursement amount from the insurance company will be $291.20.
To calculate the patient's payment and reimbursement, we need to consider the deductible amount, coinsurance percentage, and the charges.
1. Deductible: The patient has paid $125.00 toward a deductible of $500.00. This means that the patient still needs to pay $500.00 - $125.00 = $375.00 to meet their deductible.
2. Coinsurance: The coinsurance percentage is usually split as 80% for the insurer and 20% for the patient.
- The first charge is $134.00. As the patient hasn't met their deductible yet, they will have to pay the full charge: 100% of $134.00 = $134.00.
- The second charge is $147.00. After meeting the deductible, the patient will pay 20% of the charge: 20% of $147.00 = $29.40.
- The third charge is $83.00. Similarly, after meeting the deductible, the patient will pay 20% of this charge: 20% of $83.00 = $16.60.
3. Patient's Payment: To calculate the total payment made by the patient, we add up the deductible amount and the coinsurance payments: $375.00 + $134.00 + $29.40 + $16.60 = $555.00.
4. Reimbursement: The reimbursement is the amount paid by the insurance company. To calculate this, we subtract the patient's payments from the total charges.
- Total charges: $134.00 + $147.00 + $83.00 = $364.00.
- Reimbursement: Total charges - Patient's payment = $364.00 - $555.00 = -$191.00 (negative value means the patient paid more than the charges).
In this case, the patient will pay $555.00, and there will be no reimbursement as the patient paid more than the total charges.