Question

Martin has 6,150 in doctor bills for the year his deductible is 500. His policy pays 80% once he has met his deductible for the year how much in all did Martin pay including his deductible

Answer 1

1630

Explanation:

You want to know what Martin paid to cover 1650 in doctor bills when his insurance pays 80% after a deductible of 500 has been met.

Copayment

When insurance pays 80% of the amount over 500, Martin pays the other 20%. Martin's share of the bill is ...

500 + 0.20(6150 -500)

= 500 +0.20(6150) -0.20(500) = 400 +0.20(6150)

= 400 +1230 = 1630

Martin paid 1630 in all, including the deductible.