Understanding Health Insurance Costs

The video tutorial covers health insurance math, focusing on deductibles, coinsurance plans, and flexible bonuses. It provides step-by-step calculations for different scenarios, including basic deductible payments, 80/20 coinsurance plans, and handling deficits or excesses with flexible bonuses. The tutorial encourages active participation by pausing and solving problems independently, reinforcing understanding of health insurance payments.

What is the primary purpose of understanding co-payments and deductibles in health insurance?

• To determine the amount of coverage provided by insurance

• To decide which insurance plan to choose

• To calculate the total cost of a hospital stay

• To understand the financial responsibility of the patient

If a person has a $4,000 hospital bill and a $500 deductible, how much does the insurance pay assuming full coverage after the deductible?

• $500

• $0

• $3,500

• $4,000

In an 80/20 coinsurance plan, what percentage of the cost is covered by the insurance?

• 20%

• 50%

• 100%

• 80%

How much does the insurance pay if the hospital bill is $4,000, the deductible is $500, and the plan is 80/20?

• $4,000

• $3,500

• $500

• $2,800

What is the deficit if John's employer gives him a $2,250 bonus for insurance that costs $2,868?

• $500

• $618

• $2,250

• $1,000

How much will be deducted from John's bi-monthly paycheck to cover the insurance deficit?

• $25.75

• $75.25

• $50.00

• $100.00

If a person has a $7,800 hospital bill and a $1,500 deductible, how much does the insurance pay assuming full coverage after the deductible?

• $0

• $1,500

• $7,800

• $6,300

In an 80/20 plan, if the hospital bill is $5,300 and the deductible is $300, how much does the insurance pay?

• $1,300

• $3,500

• $5,000

• $4,000

If your employer gives you a $3,333 bonus for insurance costing $2,868, what is the excess?

• $1,000

• $465

• $2,868

• $500

How much will be reimbursed per month if you have a $465 excess from your insurance bonus?

• $50.00

• $38.75

• $100.00

• $75.25