Question

William Right broke his leg in an accidental fall. He has a deductible of $150 and a coinsurance payment equal to 20% percent of the cost less the deductible. The entire bill for medical services was $750.00.

Answer 1

William Right's total medical bill is $750. After applying his $150 deductible, he must cover a 20% coinsurance on the remaining $600, which equals $120. His total out-of-pocket expense is $270, and the insurance covers the remaining $480.

Step-by-step explanation:

Calculating Medical Costs with Insurance

When handling medical costs with insurance, several financial responsibilities come into play such as deductibles, coinsurance, and copayments. In William Right's case, we need to calculate his share of the medical bill after considering his deductible and coinsurance obligations on a total bill of $750.00.

First, we subtract the deductible of $150 from the total bill, which gives us $600. Then we calculate 20% of $600 for the coinsurance amount, which is $120. So, William will pay the $150 deductible plus the $120 coinsurance, totaling $270. The insurance will cover the remaining cost.

Here is the step-by-step calculation:

1. Subtract the deductible from the total bill: $750 - $150 = $600.
2. Calculate the coinsurance: 20% of $600 = 0.20 x $600 = $120.
3. Add the deductible to the coinsurance for the total payment: $150 + $120 = $270.

Therefore, William Right's out-of-pocket expense for his medical bill will be $270, and the insurance will pay the balance of $480 ($750 total bill - $270 William's payment).

Answer 2

Complete question:

William Right broke his leg in an accidental fall. He has a deductible of $150 and a coinsurance payment equal to 20% percent of the cost less the deductible. The entire bill for medical services was $750.00.

How much did William pay?

How much did insurance company pay

Answer:

$270 ; $480

Step-by-step explanation:

Given that:

Amount deductible = $150

Coinsurance payment = 20% of cost less deductible

Total bill = $750

Amount paid by Williams :

Amount deductible + coinsurance payment

Amount deductible = $150

Coinsurance payment = 20% of (750 - 150)

Coinsurance payment = 0.2 * 600 = $120

Amount paid by William = $150 + $120 = $270

Amount paid by insurance company :

Total bill - amount paid by William

$750 - $270

=$480