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How should health insurance policies in Hahnemann County be rated?
The population of 504,000 comprise 180,000 households. In question 1 above, you found the Expected Value Cost associated with one individual. Now we would like to translate this into an insurance premium that will cover all members of a household for 80% of the EV cost.
Step 1: There are 2.8 statistical persons in a household. To find the Expected Value Cost to a household, multiply your EV cost for an individual by the 2.8 statistical persons in a household.
What is the EV Cost per household?
Step 2: The insurance company will cover 80% of the EV cost per household, and the remaining 20% will be a co-pay at the time of treatment if treatment is needed. Multiply your EV cost per household by 80%.
That is the rating on the premium, which will be paid in addition to the $8300 premium that is already being paid. How much is that rating?
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