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by sanju09 » Mon Apr 12, 2010 3:58 am
A family pays $800 per year for an insurance plan that pays 80 percent of the first $1,000 in expenses and 100 percent of all medical expenses thereafter. In any given year, the total amount paid by the family will equal the amount paid by the plan when the family's medical expenses total
(A) $1,000
(B) $1,200
(C) $1,400
(D) $1,800
(E) $2,200
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by thephoenix » Mon Apr 12, 2010 4:06 am
IMO A

for an expense of $1000 the family gets $800 back by the insurance and
since the family pays an amnt of $800
so bth are equal
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by liferocks » Mon Apr 12, 2010 4:45 am
IMO its option B=$1200

because in first $1000 family pays $200+initial $800 ie total $1000 and company $800
so in first $1000 family pays $200 more than the company
so expense has to be $200 more than $1000 to break even
hence ans is $1200
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by pops » Mon Apr 12, 2010 11:45 pm
liferocks wrote:IMO its option B=$1200

because in first $1000 family pays $200+initial $800 ie total $1000 and company $800
so in first $1000 family pays $200 more than the company
so expense has to be $200 more than $1000 to break even
hence ans is $1200
Ans. should be B
because family's total medical expense would be: $800 (payment for insurance) and $200 (out of first $1000 family is getting $800 only) = $1000
now lets family's medical expense be x
for first 1000 family gets 800, for next x-1000 family gets 100% i.e. x-1000
hence, amount paid by plan = 800 + x -1000 = x - 200

so, x-200 = 1000
x=1200
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by outreach » Mon Apr 12, 2010 11:54 pm
sanju09 wrote:A family pays $800 per year for an insurance plan that pays 80 percent of the first $1,000 in expenses and 100 percent of all medical expenses thereafter. In any given year, the total amount paid by the family will equal the amount paid by the plan when the family's medical expenses total
(A) $1,000
(B) $1,200
(C) $1,400
(D) $1,800
(E) $2,200
B
For expense of $1200, the plan pays 1000. -(1)
so in total $200 the family pays -(2)
initially they have paid $800 for the plan-(3)
(2)+(3) = 1000 -(4)

(4) and (1) are same
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