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the surgery, which was your only healthcare expense for the year, came to $12,890. Your health insurance plan has a $500 annual deductible and an 80/20 coinsurance provision (meaning you will only pay 20% of the costs). Your coinsurance cap is $2,000. a) How much of the bill will you pay? b) How much of the bill will be paid by your insurance? |

the surgery, which was your only healthcare expense for the year, came to $12,890. Your health insurance plan has a $500 annual deductible and an 80/20 coinsurance provision (meaning you will only pay 20% of the costs). Your coinsurance cap is $2,000. a) How much of the bill will you pay? b) How much of the bill will be paid by your insurance? |

FINANCIAL ACCOUNTING
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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You recently had a surgery. Your total bill for the surgery, which was your only healthcare expense for the year, came to $12,890. Your health insurance plan has a $500 annual deductible and an 80/20 coinsurance provision (meaning you will only pay 20% of the costs). Your coinsurance cap is $2,000. a) How much of the bill will you pay? b) How much of the bill will be paid by your insurance?
Transcribed Image Text:You recently had a surgery. Your total bill for the surgery, which was your only healthcare expense for the year, came to $12,890. Your health insurance plan has a $500 annual deductible and an 80/20 coinsurance provision (meaning you will only pay 20% of the costs). Your coinsurance cap is $2,000. a) How much of the bill will you pay? b) How much of the bill will be paid by your insurance?
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