Refer to Mighty Machinery Company. The Mighty Machinery Company has 20 employees participating in the health plan. Four employees are single, five have one dependent, and 11 have multiple dependents. Compute the amount the employees' health coverage cost Mighty Machinery Company last year.​

Insurance Premiums

Payments made to an insurance company to buy and maintain an insurance policy, typically paid monthly, quarterly, or annually.

Deductible

A deductible is an amount paid by an insured party before the insurance company covers the remaining costs of a claim.

Dependent

A person, often a child or elderly family member, whose livelihood and financial support are largely provided by someone else, typically a family member.