Paco has a traditional health insurance plan. His deductible is $750. The level of co-insurance for his plan is 70/30 where 30 r
epresents Paco’s portion. He also has a one-time co-payment of $20. If Paco incurs a $1,000 hospital bill, determine how much money will he owe out-of-pocket for the bill.
<span>The traditional health insurance of Paco had a deductible of $750. Of the remaining value, his co-insurance for his plan had a policy of 70/30, the latter being his share. He also had a one-time co payment of $20. Of the $1,000 hospital bill, it will first be deducted by $750 giving only $250. Of this amount, he will pay only 30% which is equal to $75. Deducting another $20, he will pay for only $55.</span>
