J. Explanation of BenefitsXYZ Insurance Company Explanation of BenefitsWalden-Martin Family Medical Clinic1234 AnystreetAnytown, AK 12345-1234Patient Treatment CPTNameDatesCodeYan, Tai 01/06/20XX (9920501/06/20XX01/06/20XXTotalsGomez, 01/07/20XXPedroTotals829478658099212*AmountCharge Reason Covered Deductible Co-PayCode Amount Amount Amount Paid At132.280315.0011.34158.6228.5528.5570.9201/04/20XX 71020TotalsGreen, 01/04/20XX 99203Jana40.97111.89Reason Code: 03 Allowed amount per insurance contract0303125.0015.0011.34151.3428.5528.5569.2334.95104.180.000.000.000.000.000.000.000.000.00Copyright © 2020, Elsevier Inc. All Rights Reserved.80%80%80%0.00 80%0.00 80%0.00 80%01/20/20XXPaymentAmount100.0012.009.07121.0722.8422.8455.3827.9683.34Check No: 56390 $227.25Using the explanation above answer the following questions:1. For Tai Yan's office visit, 99205, there is a difference between the Charge Amount and Covered Amount.Based on the reason code supplied what will be done with the difference?Based onon the reason code Supplied the charged amout is everythingIn total the covered amount is credited to the charged amount in which$131.28-125.00 = 7.28.$ left to pay 368Chapter 18 Medical Billing and Reimbursement Essentials2. How much is Tai Yan responsible for?3. How much will be written off for Jana Green?4. How much is Jana Green responsible for?5. What is the covered amount services provided to Pedro Gomez?K. The Patient's Financial ResponsibilityCalculating Coinsurance and DeductibleUse the following information as you answer the following questions.Patient: Zach GreenDeductible: $750Coinsurance: 80/20Patient out-of-pocket expense maximum: $20001. During Zach's first visit of the year, he incurred a $500 bill. Whopaysanteothis bill?2. During Zach's second visit of the year, he incurred a $450 bill. Describe how much is paid by Zach andthe insurance carrier.priorthe3. Zach had surgery, which was his third claim of the year. He had a bill of $5000. Consideringvisits, what is Zach's portion of this bill and what is the responsibility of the insurance carrier?

Note: As per our guidelines, we will solve the first question. 1. Yes, there is a difference…

J. Explanation of Benefits Patient Name XYZ Insurance Company Explanation of Benefits Walden-Martin Family Medical Clinic 1234 Anystreet Anytown, AK 12345-1234 Treatment CPT Dates Yan, Tai 01/06/20XX (99205 01/06/20XX 82947 01/06/20XX 86580 Totals Charge Reason Covered Deductible Co-Pay Code Amount Code Amount 03 Gomez, 01/07/20XX 99212 Totals Pedro 132.28 15.00 11.34 158.62 28.55 28.55 Green, 01/04/20XX 99203 Jana 01/04/20XX 71020 Totals Reason Code: 03 Allowed amount per insurance contract 70.92 40.97 111.89 03 03 125.00 15.00 11.34 151.34 28.55 28.55 69.23 34.95 104.18 Amount Amount Paid At 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80% 0.00 80% 0.00 80% 0.00 80% 0.00 0.00 80% 80% 01/20/20XX Payment Amount 100.00 12.00 9.07 121.07 22.84 22.84 55.38 27.96 83.34 Check No: 56390 $227.25 Using the explanation above answer the following questions: 1. For Tai Yan's office visit, 99205, there is a difference between the Charge Amount and Covered Amount. Based on the reason code supplied what will be done with the difference? Based on the reason code Supplied the charged amount is everything In total, the covered amount is credited to the charged amount in which $131.28-125.00 = 7.28.$ left to pay

J. Explanation of Benefits Patient Name XYZ Insurance Company Explanation of Benefits Walden-Martin Family Medical Clinic 1234 Anystreet Anytown, AK 12345-1234 Treatment CPT Dates Yan, Tai 01/06/20XX (99205 01/06/20XX 82947 01/06/20XX 86580 Totals Charge Reason Covered Deductible Co-Pay Code Amount Code Amount 03 Gomez, 01/07/20XX 99212 Totals Pedro 132.28 15.00 11.34 158.62 28.55 28.55 Green, 01/04/20XX 99203 Jana 01/04/20XX 71020 Totals Reason Code: 03 Allowed amount per insurance contract 70.92 40.97 111.89 03 03 125.00 15.00 11.34 151.34 28.55 28.55 69.23 34.95 104.18 Amount Amount Paid At 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80% 0.00 80% 0.00 80% 0.00 80% 0.00 0.00 80% 80% 01/20/20XX Payment Amount 100.00 12.00 9.07 121.07 22.84 22.84 55.38 27.96 83.34 Check No: 56390 $227.25 Using the explanation above answer the following questions: 1. For Tai Yan's office visit, 99205, there is a difference between the Charge Amount and Covered Amount. Based on the reason code supplied what will be done with the difference? Based on the reason code Supplied the charged amount is everything In total, the covered amount is credited to the charged amount in which $131.28-125.00 = 7.28.$ left to pay

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Beginning of 2025 Return on plan assets, 15% (10% expected) $…
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NAME Barney, R. S. Fisk, M. C. Hayes, W. O. Lee, L. B. Parks, S. J Tempy, E. B. EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SECURITY MEDICARE 1,932.00 1,932.00 1,932.00 1,932.00 567.00 567.00 567.00 567.00 483.00 483.00 483.00 483.00 679.00 679.00 679.00 679.00 578.00 578.00 578.00 578.00 546.00 546.00 546.00 546.00 4.785.00 4,785.00 4,785.00 4,785.00 DATE ..... 20-- Jan. 7 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. 1,932.00 567.00 483.00 Give the entry in general journal form to record the payroll tax expense. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. 679.00 578.00 546.00 4,785.00…
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7. Monthly Social Security benefits Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect. • If you retire at age 62, benefits of to % of yourfull retirement benefits . • If you retire at age 65 to 67, receipt ofyour full retirement benefits . • If you delay retirement until age 70, you can receive an increase in your benefits. Range of Benefits Dmitri, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $1,635.40. Assume that the benefit is the same for this year and the next year. Compute Dmitri’s annual benefit reduction amounts in each of the following scenarios. • If Dmitri retires…