Mary has to prepare a budget for the upcoming year. To know howmuch to...

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Accounting

Mary has to prepare a budget for the upcoming year. To know howmuch to set aside for medical expenses, she decides to take a lookat how much she spent last year on keeping herself healthy. Shepays $100 a month for her health insurance. Here are the details ofher health insurance plan: the policy pays 80% of all hispital andpharamcy bills, with no out-of-pocket maximum of $400 befoer theinsurer pays 100% The plan also requires a $20 co-pay each time shevisits a doctor or picks up a prescribed medicine. The plan doesnot cocver dental or vision health needs. She has kept receipts forthe last calendar year:
February
- Two doctors visits, costing $250
- One co-pay for prescription medicine, a $60 cosst
April
- Emergency visit to the dentist to remove tooth: $600
August
- Doctors visits, costing $250
- Visit to the Radiolosgist for x-rays, costing $850
- Follow-up visit to the radiologist: $300
November
- One doctors visit for a yearly physical, costing $400
Last year:
a- How much did Mary pay in co-pay overf the course of theyear?
b- What percent of the dentist's bill did Mary have to payherselft?
c- What was the total cost of doctor's bills and medicine?
d- In what month did Mary meet the out-of-pocket maximum of$400?
e- Of the $400 cost of the annual physical exam, how much didMary have to pay?

Answer & Explanation Solved by verified expert

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Part a Particulars Amount doctor visit cost 25000 Prescribed medicine 6000 doctor visit cost 25000 Xray and visit 85000 Follow up visit to radiologist 30000 Yearly doctor visits See Answer

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In: AccountingMary has to prepare a budget for the upcoming year. To know howmuch to set...Mary has to prepare a budget for the upcoming year. To know howmuch to set aside for medical expenses, she decides to take a lookat how much she spent last year on keeping herself healthy. Shepays $100 a month for her health insurance. Here are the details ofher health insurance plan: the policy pays 80% of all hispital andpharamcy bills, with no out-of-pocket maximum of $400 befoer theinsurer pays 100% The plan also requires a $20 co-pay each time shevisits a doctor or picks up a prescribed medicine. The plan doesnot cocver dental or vision health needs. She has kept receipts forthe last calendar year:February- Two doctors visits, costing $250- One co-pay for prescription medicine, a $60 cosstApril- Emergency visit to the dentist to remove tooth: $600August- Doctors visits, costing $250- Visit to the Radiolosgist for x-rays, costing $850- Follow-up visit to the radiologist: $300November- One doctors visit for a yearly physical, costing $400Last year:a- How much did Mary pay in co-pay overf the course of theyear?b- What percent of the dentist's bill did Mary have to payherselft?c- What was the total cost of doctor's bills and medicine?d- In what month did Mary meet the out-of-pocket maximum of$400?e- Of the $400 cost of the annual physical exam, how much didMary have to pay?