Business Math -Insurance

Assignment: Sustainability Initiative, Part 3
July 13, 2019
Assign 2-WK7(G)
July 13, 2019

Business Math -Insurance

The Mighty Machinery Company subscribes to the Healthy Family Medical Organization. Monthly insurance premiums are: employee without dependents, $350; employee with one dependent, $450; employee with multiple dependents, $550.

The Mighty Machinery Company pays a large part of the premiums for participating employees and their dependents. Participating employees have deducted from their paychecks every month $40 from an employee without dependents, $80 from an employee with one dependent, and $100 from an employee with multiple dependents.

The Healthy Family Medical Organization has a deductible of $300 per year for an employee with no dependents, $450 per year for an employee with one dependent, and $600 per year for an employee with multiple dependents. The organization pays 80% of all medical bills in excess of the deductible.

 

Question 1: An employee with 3 dependents participates in the company health plan. Referring to the information above, compute the amount deducted from the employee’s wage in one year.

Question 2: Epstein and her spouse are covered by the company health plan. Last year their doctor bills totaled $335. Referring to the information above, compute the amount Epstein paid for medical coverage and care last year herself and one dependent.

 

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