Larry has a health insurance policy that includes a deductible of $1,000 and a coinsurance of 20%. If his total bill is $7,000, how much will his insurance pay?

Name: Larry has a health insurance policy that includes a deductible of $1,000 and a coinsurance of 20%. If his total bill is $7,000, how much will his insurance pay?
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Question

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First, Larry pays the deductible of $1,000, leaving $6,000. With a 20% coinsurance, Larry pays 20% of $6,000, which is $1,200. The insurance pays the remaining $4,800.

Larry Has a Health Insurance Policy That Includes a Deductible