Assignment: Business Math -Insurance
The Mighty Machinery Company subscribes to the Healthy Family Medical Organization. Monthly insurance premiums are: employee without dependents, $350; employee with one dependent, $450; employee with multiple dependents, $550.
The Mighty Machinery Company pays a large part of the premiums for participating employees and their dependents. Participating employees have deducted from their paychecks every month $40 from an employee without dependents, $80 from an employee with one dependent, and $100 from an employee with multiple dependents.
The Healthy Family Medical Organization has a deductible of $300 per year for an employee with no dependents, $450 per year for an employee with one dependent, and $600 per year for an employee with multiple dependents. The organization pays 80% of all medical bills in excess of the deductible.
Question 1: An employee with 3 dependents participates in the company health plan. Referring to the information above, compute the amount deducted from the employee's wage in one year.
Question 2: Epstein and her spouse are covered by the company health plan. Last year their doctor bills totaled $335. Referring to the information above, compute the amount Epstein paid for medical coverage and care last year herself and one dependent.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.