Asked by Elizabeth Olayinka on Jul 02, 2024
Verified
Refer to Mighty Machinery Company. Fenway and Gilbert both worked for Mighty Machinery Company two years ago. Each was single and participated in the company health plan individually. Last year they married each other and participated as employee and one dependent. Two years ago each had doctor bills of $500. This year their combined doctor bills were $1,000. How much less did Fenway and Gilbert pay for medical care and coverage last year as a couple than the year before as two individuals?
Doctor Bills
Charges or fees for medical services rendered by a physician.
Insurance Premiums
Payments made to an insurance company to buy coverage, providing financial protection against various risks.
Deductible
An amount that must be paid out of pocket before an insurer will cover any expenses.
- Assess how changes in family or dependent status affect health insurance costs and benefits for employees.
Verified Answer
EG
Learning Objectives
- Assess how changes in family or dependent status affect health insurance costs and benefits for employees.
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