1.This basic one costs $4,000 for the employee this year, plus $2,500
for the spouse, and $2,500 for any number of children. It also has a
family deductible amount of $2,000 before benefits (80% paid; 20%
co-insurance) kick in.
2.The second plan costs $5,000 for the employee and $3,000 for a spouse
and an additional amount of $3,000 to any number of children. It has a
$1,000 family deductible and after that, insurance of 85%, 15%
co-insurance.
3.The third plan costs $7,000 for the employee and $3,500 for the spouse
and $3,500 for children. It has a $250 deductible for the total family
each year. After that, insurance pays 95%, with 5% co-insurance.
As an employee of the company, which option would you take? Explain your answer.
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Consider the probability of using the health services, the total expected cost of the co-payments, and the tax status of all of the expenses.
HINT: The premiums ($9,000, $11,000, or $14,000) can be paid with
pretax dollars, as an income tax avoidance method. In all three cases,
the employer pays nothing.
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https://brainmass.com/health-sciences/health-care-management/choosing-an-insurance-plan-587082
Solution Preview
Choosing a Health Plan
1.This basic one costs $4,000 for the employee this year, plus $2,500
for the spouse, and $2,500 for any number of children. It also has a
family deductible amount of $2,000 before benefits (80% paid; 20%
co-insurance) kick in.
2.The second plan costs $5,000 for the employee and $3,000 for a spouse
and an additional amount of $3,000 to any number of children. It has a
$1,000 family deductible and after that, insurance of 85%, 15%
co-insurance.
3.The third plan costs $7,000 for the employee and $3,500 for the spouse
and $3,500 for children. It has a $250 deductible for the total family
each year. After that, insurance …
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