Under a Major Medical plan with zero deductible and 80/20 coinsurance, a $1,000 claim results in the insured paying

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

Under a Major Medical plan with zero deductible and 80/20 coinsurance, a $1,000 claim results in the insured paying

Explanation:
With a Major Medical plan that has zero deductible and an 80/20 coinsurance, the insured shares the cost of covered expenses right away. There’s no deductible to satisfy, so the entire $1,000 is subject to coinsurance. The insured pays 20% of $1,000, which is $200, and the insurer covers the remaining 80%, which is $800.

With a Major Medical plan that has zero deductible and an 80/20 coinsurance, the insured shares the cost of covered expenses right away. There’s no deductible to satisfy, so the entire $1,000 is subject to coinsurance. The insured pays 20% of $1,000, which is $200, and the insurer covers the remaining 80%, which is $800.

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