GROUP HEALTH INSURANCE 10-4-2011. DO NOW… Emily participates in her companys group medical insurance plan. The annual cost of Emilys plan is $2,500 per.

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Presentation transcript:

GROUP HEALTH INSURANCE

DO NOW… Emily participates in her companys group medical insurance plan. The annual cost of Emilys plan is $2,500 per year. If the company pays 65% of the annual cost, how much is deducted from her biweekly paycheck to cover her portion?

Computing Group Insurance Deductions

Group Health Insurance Health Insurance: Covers the cost of health care An individual can purchase health insurance to provide protection against the costs of various types of illnesses or accidents. Most employers provide some type of health insurance coverage A company may receive cheaper rates than an individual because it can provide coverage for its workers under group plans available through many insurance companies Some companies pay a portion of the premiums, some pay all of the premiums, while others dont pay any of the premiums Premium: payment to the insurance company for the purchase on an insurance policy

Computing Group Health Insurance Deductions

Lets Practice… Jack participates in his companys medical insurance plan. The plan has an annual cost of $3,975. The company pays 70%. If Jack is paid biweekly, what is his insurance cost per paycheck?

Lets Practice…

One More Time… ? Melissa earns $1,970 per month. Her family insurance plan costs $4,450 per year. Her employer pays 66% of the cost. If this is her only deduction, how much is her monthly paycheck after the medical insurance deduction?

One More Time…

Your Turn… Get your workbooks Turn to Sections 2-5 on Page 10 Complete questions 1-7