To reduce the costs of revolving insurance disputes

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1. Price for a medical procedure averages $1000 and range from $800 to $1,200. How much could a consumer paying full price save by getting the best price? Suppose that insurance is responsible for 75 percent of the consumers spending and that out-of-pocket spending is limited to $250. How much could the consumer save by getting the best price?

2. To reduce the costs of revolving insurance disputes, insurers have required that the customers use arbitration. Arbitrators are required to be knowledgeable about medicine and insurance contracts. Why might you participate that the arbitration mechanism might wind up favoring the interests of the insurers?

Reference no: EM13772356

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