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The insurer would pay $6,000, and Sandra would pay $4,200

After Sandra has satisfied the deductible, the insurer would pay 60% of $10,000 or $6,000. Sandra would pay 40% of the $10,000 or $4,000, in addition to the $200 deductible for a total of $4,200.

Victor, age 59, calculated last year's gross income to be $100,000. When reviewing the cost of his various personal insurance policies, he found that his disability income policy annual premium was $3,500, his long-term care insurance annual premium was $4,000, and the total annual cost of his individual Medical insurance premiums and out-of-pocket medical expenses came to $5,500. Based on this information, he could deduct ______ from his taxable income for that year.

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An insured covered under a $1 million accidental death and dismemberment policy is involved in an accident that resulted in the loss of both legs 3 days after the accident. Following a lengthy hospital stay, her losses included $300,000 in medical bills, $100,000 in hospital expenses, and $10,000 in loss of income due to her inability to work. Which of the following is payable from the AD&D policy?

A
The principal sum of $1 million for double dismemberment

B
$410,000 for medical expense, hospital expense, and loss of income and $500,000 for the dismemberment

C
Medical expense reimbursement of $300,000

D
The capital sum of $500,000 for dismemberment

Victoria, age 62, calculated last year's gross income to be $60,000. When she totaled up the cost of individual Medical and Long-term Care insurance, as well as her various out-of-pocket medical costs, she discovered the total was $7,500, which meant she could deduct _______ from her taxable income.

A
$6,000

B
$3,000

C
$1,500

D
$7,500

health insurance companies require plan members to obtain before they receive certain types of medical services

ex. gastro tests, home care services (therapy, hospice, skilled nursing visits), pain management services (nerve blocks, trigger joint injections, etc),radiology services, sleep studies, surgical procedures, non-emergency ambulance services, speciality drugs, and durable medical equipment

What is deductible and coinsurance?

A deductible is the amount you pay for coverage services before your health plan kicks in. After you meet your deductible, you pay a percentage of health care expenses known as coinsurance. It's like when friends in a carpool cover a portion of the gas, and you, the driver, also pay a portion.

What is a share of cost quizlet?

Cost sharing means that insured individuals will pay a portion of their health care costs.

What is a coinsurance quizlet?

Coinsurance. A type of cost-sharing between the insurance provider and the policyholder. After the deductible has been met, the insurance provider pays a certain percentage of the bill, and the policy holder pays the remaining percentage.

What is the definition of deductible quizlet?

What is a deductible? The amount of the loss you pay when you file an insurance claim before the insurance company pays any money.