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ps - medical insurance

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Intern
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Joined: 07 Sep 2008
Posts: 25
ps - medical insurance [#permalink]

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New post 10 Oct 2008, 12:47
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under a certain company's medical insurance plan, the amount an employee must pay for medical expenses consists of payment of the first 450$ of expenses plus 20% of additional expenses, up to a maximum total payment of 1,350$ per year. all remaining expenses are paid by the plan. last year, if an employee paid the maximum amount for medical expenses, what is the least amount that the plan could have paid?

answer: 3,600$
Intern
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Joined: 09 Oct 2008
Posts: 23
Re: ps - medical insurance [#permalink]

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New post 10 Oct 2008, 13:55
450 + (1/5) E (or 20% of Expense) = 1350

(1/5) E = 1350-450
(1/5) E = 900

E = 4500

Expense after initial deductable($450) = $4500

Paient pay 20% and Insurance pay the ramining 80% or 4/5

so, 80% of 4500 = (4/5) 4500 = $3600
Re: ps - medical insurance   [#permalink] 10 Oct 2008, 13:55
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