1.This basic one costs $4,000 for the employee this year, plus $2,500
for the spouse, and $2,500 for any number of children. It also has a
family deductible amount of $2,000 before benefits (80% paid; 20%
co-insurance) kick in.
2.The second plan costs $5,000 for the employee and $3,000 for a spouse
and an additional amount of $3,000 to any number of children. It has a
$1,000 family deductible and after that, insurance of 85%, 15%
co-insurance.
3.The third plan costs $7,000 for the employee and $3,500 for the spouse
and $3,500 for children. It has a $250 deductible for the total family
each year. After that, insurance pays 95%, with 5% co-insurance.
Check before you submit. Get Turnitin Score Report in 15 Minutes.
Don't risk the 'Red' score. Get the exact same Turnitin report your professor uses. Join 50,000+ students who submitted their essays with confidence this semester.
As an employee of the company, which option would you take? Explain your answer.
Consider the probability of using the health services, the total expected cost of the co-payments, and the tax status of all of the expenses.
HINT: The premiums ($9,000, $11,000, or $14,000) can be paid with
pretax dollars, as an income tax avoidance method. In all three cases,
the employer pays nothing.
© BrainMass Inc. brainmass.com March 22, 2019, 2:43 am ad1c9bdddf
https://brainmass.com/health-sciences/health-care-management/choosing-an-insurance-plan-587082
Solution Preview
Choosing a Health Plan
1.This basic one costs $4,000 for the employee this year, plus $2,500
for the spouse, and $2,500 for any number of children. It also has a
family deductible amount of $2,000 before benefits (80% paid; 20%
co-insurance) kick in.
2.The second plan costs $5,000 for the employee and $3,000 for a spouse
and an additional amount of $3,000 to any number of children. It has a
$1,000 family deductible and after that, insurance of 85%, 15%
co-insurance.
3.The third plan costs $7,000 for the employee and $3,500 for the spouse
and $3,500 for children. It has a $250 deductible for the total family
each year. After that, insurance …
Get Quick Assignment Writing Help – No Plagiarism Guarantee!
Online assignment writing service website that provide university students with original and quality academic essays, term papers, admission essays, annotated bibliographies, reports, scholarship essays, personal statements, research proposals, research papers, projects, presentations, dissertation, theses, movie reviews, Book reviews, application papers, among others.
Having trouble with a homework question? Our skilled assignment writers are here to provide answers to all types of queries, ranging from fundamental mathematics to cutting-edge rocket science!
