Question

Paco has a traditional health insurance plan. His deductible is $750. The level of co-insurance for his plan is 70/30 where 30 represents paco's portion. He also has a one time co-payment of $20. If Paco incurs a $1000 hospital bill howich money does he owe outta pocket

Answer 1

The money owed out of pocket for the bill will be $845

Explanation:

• Poco has come with the traditional health insurance plan, and he pays $750 for the deductible, $20 for a one-time payment and 30% denotes the remainder as well as paco portion.

The formula would be

      (30% (Insurance cost-deductible cost)) + deductible cost +   co payment

     =(30 percentage of ($1000(insurance)-$750( deductible) + $20))+$750( deductible)+$20(co-payment)

     = (30%($250)) +$750+ $20

     =$75 + $750+$20 = $845

The solution is $845.