Question

Prices for a procedure range from $1,800 to $3,200. how much could a consumer save by getting the best price if she had insurance that covered 80 percent of the cost of care? group of answer choices

a. $280
b. $1,120
c. $1,400
d. $1,800

Answer 1

The correct answer is option a. A consumer could save $280 by choosing the lowest price for a medical procedure costing between $1,800 and $3,200, assuming insurance covers 80% of the cost.

Step-by-step explanation:

The question asks how much a consumer could save by finding the best price for a medical procedure if their insurance covers 80% of the cost. The price range for the procedure is from $1,800 to $3,200. First, we calculate the maximum saving in terms of the total price by subtracting the lowest price from the highest price. That gives us $3,200 - $1,800 = $1,400. Since the insurance covers 80% of the cost, the consumer is responsible for the remaining 20%. To find out how much the consumer would save on their portion of the bill, we take 20% of the $1,400 savings, which is 0.20 × $1,400 = $280.

Therefore, the consumer can save $280 by getting the best price for the procedure, given that their insurance covers 80% of the cost. The correct answer is Option A.

Answer 2

A consumer could save $280 by getting the best price for a procedure if their insurance covers 80% of the cost of care.

Step-by-step explanation:

To calculate the potential savings a consumer could have by choosing the best price for a medical procedure, we need to take into account the insurance coverage of 80%. Let's first determine the cost difference between the highest and lowest prices mentioned: $3,200 (highest price) - $1,800 (lowest price) = $1,400 (price difference). Now, since the insurance covers 80% of the costs, the consumer is responsible for the remaining 20% of any of these amounts. We calculate 20% of the price difference to find the savings: 0.20 × $1,400 = $280.