Consider a consumer with a medical bill of $1694. He has a $289 deductible and a...
Consider a consumer with a medical bill of $1694. He has a $289 deductible and a 9 percent coinsurance rate on all expenses over $289. His “out-of-pocket” liability for this bill is $____.
** Show work please
Homework Answers
Out of the Pocket Expenses = (Deductible amount + % of coinsurance amount)
= $289 + ( $1694 - $289) * 9%
= $289 + $126.45
= $415.45 ...................Answer
Coinsurance rate is the rate which is applicable to calculate the total amount paid by the consumer after deductible ( $1694 - $289).
After paying the rate amount ( 9%) and deductible by the consumer the rest amount is paid by the insurance company
( $1694 - $289 - $126.45) = $1278.55
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