In 2016, Dmitri became responsible for providing his own health insurance. He obtained suitable coverage and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In 2016, Dmitri became responsible for providing his own health insurance. He obtained suitable coverage and paid annual premiums as shown in the following table. Compute Dmitri's total premiums: Dmitri's Premiums 2016 $4,479 2017 4,704 2018 4,824 2019 5,049 Total $19,056 Except for an occasional minor illness requiring a doctor's attention, a drug prescription, and periodic, routine tests, Dmitri enjoyed good health during those years. Because he had no reason to think that would change, by the end of 2018, Dmitri was considering dropping his health insurance coverage. After all, he could think of a lot of other uses for the thousands of dollars he spent each year on Increasing premiums. Dmitri decided to pay premiums for another year but planned to take another look at his health care plan at the end of 2019. It Could Happen to You, It Could Happen to Me In December 2019, Dmitri accepted an invitation from friends to go snowboarding. Dmitri did everything right: took a lesson, stayed on trails well within his skill level, and maintained an awareness of people and objects near him. Even though he thought it was a bit dorky to wear wrist guards and a helmet, his friends insisted that he take standard and reasonable safety measures. Dmitri was enjoying the day when, from out of nowhere (actualy, the woods), came an out of control skier who ran into Dmitri. Dmitri was injured and taken to the nearest hospital by ambulance. Dmitri's Injuries included a broken wrist and elbow as well as cuts and bruises. Of biggest concern was the uncertainty of his head injury. Dmitri spen a couple of days in intensive care. Fortunately, he didn't have a broken skull, but did have a concussion. Surgery was performed to repair the broken wrist and elbow. Since Dmitri was in good health, his recovery was complete. Dmitri returned to full function in about six months. Soon after Dmitri returned home, however, the medical bills for the ambulance, emergency room, intensive care, medications, doctors, tests, and other services arrived. Dmitri also had to have physical therapy for his wrist and elbow. His total medical expenses were $40,000. It was time to find out if all those premiums paid since 2016 would pay off for just one, albeit dramatic, incident. Overall, Dmitri's insurance pald 75% of the total medical expenses, thus making him responsible for % of the expenses, or Dmitri's insurance paid $ His out-of-pocket expenses for the accident of S plus the 2019 Insurance premiums of S totaled S If Dmitri had canceled his health insurance at the end of 2018, his out-of-pocket expenses for the accident would have been $ case, did Dmitri benefit from having health insurance? What are reasonable morals of the story? Check all that apply. O Think long and hard about the best tradeoff of coverage and cost in a health care plan. O It can be financially risky to go without health insurance. O Never leave the house: Don't get sick. O Avoid engaging in physical activity. Some employers pay part or all of the health insurance premiums for employees who are enrolled in one of the company's sponsored plans. Assume that during the same time period that Dmitri paid for his premiums in full that he had, instead, worked for a firm that paid 25% of his premiums for the same coverage. Instead of paying premlums of S over the years, Dmitri would have paid 5 and saved In this case, Dmitri's out-of-pocket expenses specific to his snowboarding accident would have been they actually were because In 2016, Dmitri became responsible for providing his own health insurance. He obtained suitable coverage and paid annual premiums as shown in the following table. Compute Dmitri's total premiums: Dmitri's Premiums 2016 $4,479 2017 4,704 2018 4,824 2019 5,049 Total $19,056 Except for an occasional minor illness requiring a doctor's attention, a drug prescription, and periodic, routine tests, Dmitri enjoyed good health during those years. Because he had no reason to think that would change, by the end of 2018, Dmitri was considering dropping his health insurance coverage. After all, he could think of a lot of other uses for the thousands of dollars he spent each year on Increasing premiums. Dmitri decided to pay premiums for another year but planned to take another look at his health care plan at the end of 2019. It Could Happen to You, It Could Happen to Me In December 2019, Dmitri accepted an invitation from friends to go snowboarding. Dmitri did everything right: took a lesson, stayed on trails well within his skill level, and maintained an awareness of people and objects near him. Even though he thought it was a bit dorky to wear wrist guards and a helmet, his friends insisted that he take standard and reasonable safety measures. Dmitri was enjoying the day when, from out of nowhere (actualy, the woods), came an out of control skier who ran into Dmitri. Dmitri was injured and taken to the nearest hospital by ambulance. Dmitri's Injuries included a broken wrist and elbow as well as cuts and bruises. Of biggest concern was the uncertainty of his head injury. Dmitri spen a couple of days in intensive care. Fortunately, he didn't have a broken skull, but did have a concussion. Surgery was performed to repair the broken wrist and elbow. Since Dmitri was in good health, his recovery was complete. Dmitri returned to full function in about six months. Soon after Dmitri returned home, however, the medical bills for the ambulance, emergency room, intensive care, medications, doctors, tests, and other services arrived. Dmitri also had to have physical therapy for his wrist and elbow. His total medical expenses were $40,000. It was time to find out if all those premiums paid since 2016 would pay off for just one, albeit dramatic, incident. Overall, Dmitri's insurance pald 75% of the total medical expenses, thus making him responsible for % of the expenses, or Dmitri's insurance paid $ His out-of-pocket expenses for the accident of S plus the 2019 Insurance premiums of S totaled S If Dmitri had canceled his health insurance at the end of 2018, his out-of-pocket expenses for the accident would have been $ case, did Dmitri benefit from having health insurance? What are reasonable morals of the story? Check all that apply. O Think long and hard about the best tradeoff of coverage and cost in a health care plan. O It can be financially risky to go without health insurance. O Never leave the house: Don't get sick. O Avoid engaging in physical activity. Some employers pay part or all of the health insurance premiums for employees who are enrolled in one of the company's sponsored plans. Assume that during the same time period that Dmitri paid for his premiums in full that he had, instead, worked for a firm that paid 25% of his premiums for the same coverage. Instead of paying premlums of S over the years, Dmitri would have paid 5 and saved In this case, Dmitri's out-of-pocket expenses specific to his snowboarding accident would have been they actually were because
Expert Answer:
Answer rating: 100% (QA)
Insurance Insurance is the risk management technique by which different entities shift their risk of ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
The data shown in the following table are highway gasoline mileage performance and engine displacement for a sample of 20 cars. (a) Fit a simple linear model relating highway miles per gallon (y) to...
-
A government held the securities shown in the following table in one of its investment portfolios. All the securities are either stocks or bonds that mature in more than one year. 1. Ignoring...
-
The financial information shown in the following table was presented for Massive Enterprises Ltd. for the year ending May 31, 20X1. Statement of Income Sales $1,700,000 Cost of sales 830,000 Gross...
-
1.) Find the equation of a polynomial in standard form of lowest degree possible that crosses the x-axis at x = 1, bounces off of the x-axis at x = -1, has a y-intercept of 4, goes to co as x goes to...
-
Consider Panels B and D in Figure 16.4. Using the information in each panel, computer the share price at each node for each bond issue.
-
Write a query to display the customer code, first name, last name, and sum of all invoice totals for customers with cumulative invoice totals greater than $1,500. Sort the output by the sum of...
-
Comment on the statement that the essential purpose of the user interface is to enable the user and the system to exchange messages. Provide two examples.
-
A firm based in Washington State wants to export a shipload of finished lumber to the Philippines. The would-be importer cannot get sufficient credit from domestic sources to pay for the shipment but...
-
A partial listing of accounts for Z Ltd. is shown below: Account Amount Accounts payable $36,000 Interest revenue $2,400 Accumulated depreciation - equipment $4,500 Salaries payable $2,300 Salaries...
-
If the Sommers had chosen the original 15-year, 6.25% mortgage proposal, how much tax shelter would they have lost (over the last five years) as compared to the 30-year, 7.25% mortgage?
-
1. Develop a program consisting of primitive CPU instructions to implement the following procedure: integer i, a; i=0; while (i < 10) do a=i*2; i=i+1; endwhile
-
Briefly explain why the Lorenz curve shown in Fig. 3.15b has the shape it does. Fig. 3.15b b Cumulative Percentage of Family Income 100 - 90- 80- 70- 60- 50 - 40 - 30 - 20- 10 - 01 0 10 20 30 40 50...
-
On November 9, 1991, the Home News of central New Jersey used the bar chart given in the accompanying figure to show quarterly net income or losses for both Ford and GM. (a) Comment on the possible...
-
Use the graphs from questions 3336 to answer the following questions; (a) Which team has the best pass offense? (b) Which team has the best pass defense? (c) Which team has the best rush offense? (d)...
-
On March 14, 1991, the Home News used two pie charts (next column, top) to show (1) the main causes of air pollution in New Jersey and (2) peoples attitudes toward using increased taxes to reduce air...
-
Suppose the Gini coefficient in another country were equal to 1. What would that tell us about income in this country?
-
The Ashton Group is developing a new product line. Initial costs for the line are $68905. Annual utilities will be $30004. The company plans to concentrate on marketing for the first 4 years at a...
-
Chao, Louis, and Mari, unrelated individuals, own all of the shares of Cerise Corporation. All three shareholders have been active in the management of Cerise since its inception. In the current...
-
For the periodic processes shown below: a. Schedule the processes using an RMS policy. b. Schedule the processes using an EDF policy. In each case, compute the schedule for an interval equal to the...
-
For the periodic processes shown below: a. Schedule the processes using an RMS policy. b. Schedule the processes using an EDF policy. In each case, compute the schedule for an interval equal to the...
-
For the given periodic process execution times and periods (P1 has the highest priority), show how much CPU time of higher-priority processes will be required during one period of each of the...
Study smarter with the SolutionInn App