A health insurance policy pays 70% of physical therapy costs after a deductible of $300. In...
A health insurance policy pays 70% of physical therapy costs after a deductible of $300. In contrast, an HMO charges $20 per visit for physical therapy. How much would a person save with the HMO of he or she had 12 physically therapy sessions costing $75 each?
Homework Answers
| Savings with HMO | = | $ 240 | ||
| Workings: | ||||
| Computation of savings of a person with HMO: | ||||
| Under Health Insurance Policy: | ||||
| Total cost (12 X $75) | = | $ 900 | ||
| Less: | Deductibles | = | $ -300 | |
| Coinsurance expense | = | $ 600 | ||
| Cost of Insurance | = | $300 + ((1-0.70) X $600) | ||
| = | $ 480 | |||
| Under HMO: | ||||
| Cost of Insurance | = | 12 X $20 | ||
| = | $ 240 | |||
| Savings under HMO | = | $480 - $240 | ||
| = | $ 240 | |||
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