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Jim and Stephanie just got married and are thinking about changing their health care insurance plans to be more affordable. Currently, both Jim and Stephanie are insured through their own employers. Jim's employer pays [tex]42 \%[/tex] of his [tex]\$ 378[/tex] monthly premium. His insurance plan will also pay for [tex]23 \%[/tex] of the [tex]\$ 345[/tex] premium for additional beneficiaries. Stephanie's employer pays [tex]35 \%[/tex] of her [tex]\$ 298[/tex] monthly premium but offers to pay an extra [tex]10 \%[/tex] of her premium for each beneficiary Stephanie adds to her plan. Her employer would then pay [tex]30 \%[/tex] of the [tex]\$ 349[/tex] premium for each additional beneficiary.

\begin{tabular}{|l|c|c|}
\hline \multicolumn{3}{|c|}{Insurance} \\
\hline & Monthly Premium & Employer Contribution \\
\hline Jim & [tex]$\$[/tex] 378[tex]$ & $[/tex]42 \%[tex]$ \\
\hline Additional (each) & $[/tex]\[tex]$ 345$[/tex] & [tex]$23 \%$[/tex] \\
\hline & & \\
\hline Stephanie & [tex]$\$[/tex] 298[tex]$ & $[/tex]35 \%[tex]$ (+10\% for each additional beneficiary) \\
\hline Additional (each) & $[/tex]\[tex]$ 349$[/tex] & [tex]$30 \%$[/tex] \\
\hline
\end{tabular}



Answer :

GinnyAnswer
Sure, let's break down the costs for Jim and Stephanie's health insurance plans in a detailed, step-by-step manner:

### Jim's Health Insurance Plan

1. Jim's Monthly Premium:
- Jim pays a premium of \[tex]$378 per month. - Jim's employer contributes 42% of this premium. 2. Employer's Contribution for Jim: \[ \text{Employer's Contribution} = 0.42 \times 378 = 158.76 \] - So, Jim's employer pays \$[/tex]158.76 towards his monthly premium.

3. Jim's Cost After Employer's Contribution:
[tex]\[ \text{Jim's Cost} = 378 - 158.76 = 219.24 \][/tex]
- After the employer's contribution, Jim pays \[tex]$219.24 per month. 4. Additional Beneficiary Premium: - The additional beneficiary premium is \$[/tex]345 per month.
- The employer contributes 23% of the additional beneficiary premium.

5. Employer's Contribution for Additional Beneficiary:
[tex]\[ \text{Employer's Contribution} = 0.23 \times 345 = 79.35 \][/tex]
- So, the employer pays \[tex]$79.35 towards the additional beneficiary's premium. 6. Cost After Employer's Contribution for Additional Beneficiary: \[ \text{Beneficiary's Cost} = 345 - 79.35 = 265.65 \] - After the employer's contribution, the additional beneficiary cost is \$[/tex]265.65 per month.

### Stephanie's Health Insurance Plan

1. Stephanie's Monthly Premium:
- Stephanie pays a premium of \[tex]$298 per month. - Her employer contributes 35% of this premium. 2. Employer's Contribution for Stephanie: \[ \text{Employer's Contribution} = 0.35 \times 298 = 104.3 \] - Stephanie's employer pays \$[/tex]104.3 towards her monthly premium.

3. Stephanie's Cost After Employer's Contribution:
[tex]\[ \text{Stephanie's Cost} = 298 - 104.3 = 193.7 \][/tex]
- After the employer's contribution, Stephanie pays \[tex]$193.7 per month. 4. Additional Beneficiary Premium: - The additional beneficiary premium is \$[/tex]349 per month.
- The employer contributes 30% of the additional beneficiary premium.

5. Employer's Contribution for Additional Beneficiary:
[tex]\[ \text{Employer's Contribution} = 0.30 \times 349 = 104.7 \][/tex]
- So, the employer pays \[tex]$104.7 towards the additional beneficiary's premium. 6. Cost After Employer's Contribution for Additional Beneficiary: \[ \text{Beneficiary's Cost} = 349 - 104.7 = 244.3 \] - After the employer's contribution, the additional beneficiary cost is \$[/tex]244.3 per month.

### Summary of Costs:

- For Jim:
- Employer's Contribution to Jim's Premium: \[tex]$158.76 - Jim's Cost After Contribution: \$[/tex]219.24
- Employer's Contribution to Additional Beneficiary Premium: \[tex]$79.35 - Additional Beneficiary Cost After Contribution: \$[/tex]265.65

- For Stephanie:
- Employer's Contribution to Stephanie's Premium: \[tex]$104.3 - Stephanie's Cost After Contribution: \$[/tex]193.7
- Employer's Contribution to Additional Beneficiary Premium: \[tex]$104.7 - Additional Beneficiary Cost After Contribution: \$[/tex]244.3

I hope this helps you understand the health insurance cost calculations for Jim and Stephanie!

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