Dojima
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Joined: 18 Mar 2023
Posts: 12
When filing insurance claims, policy holders must pay up to a deductib[#permalink]14 Apr 2023, 08:21
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Difficulty:
45%(medium)
Question Stats:
62%(02:35)correct
38%(02:09) wrongbased on21sessions
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When filing insurance claims, policy holders must pay up to a deductible before an insurer begins to take on some of the cost of the claim. Health insurance Plan A has a deductible of $1000 or 50% of total cost, whichever is lower. Plan B comes with deductible of $300, but then pays only 80% of the cost expenses above $300. For which of the following claims would plans A and B pay out equally?
(A) $600
(B) $1000
(C) $3800
(D) $5300
(E) $6200
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gmatophobia
Quant Chat Moderator
Joined: 22 Dec 2016
Posts: 3130
Location: India
Concentration: Strategy, Leadership
When filing insurance claims, policy holders must pay up to a deductib[#permalink]14 Apr 2023, 10:44
Dojima wrote:
When filing insurance claims, policy holders must pay up to a deductible before an insurer begins to take on some of the cost of the claim. Health insurance Plan A has a deductible of $1000 or 50% of total cost, whichever is lower. Plan B comes with deductible of $300, but then pays only 80% of the cost expenses above $300. For which of the following claims would plans A and B pay out equally?
(A) $600
(B) $1000
(C) $3800
(D) $5300
(E) $6200
We can use options to our advantage
Payout of Plan A
(A) $600 ------- $ 300 → (50% of $600)
(B) $1000 ------$ 500 → (50% of $1000)
(C) $3800 ------$ 2800 → ($3800 - $1000)
(D) $5300 ------ $ 4300 → ($5300 - $1000)
(E) $6200 ------ $ 6200 → ($6200 - $1000)
Payout of Plan B
(A) $600 ------- $ 240 → (600-300)*0.8
(B) $1000 ------$ 560 → (1000-300)*0.8
(C) $3800 ------$ 2800 → (3800-300)*0.8
Option C
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gmatclubot
When filing insurance claims, policy holders must pay up to a deductib[#permalink]
14 Apr 2023, 10:44
