Mighty Machinery Company The Mighty Machinery Company Subscribes to the Healthy Family Medical

question 53

Short Answer

Mighty Machinery Company
The Mighty Machinery Company subscribes to the Healthy Family Medical Organization. Monthly insurance premiums are: employee without dependents, $350; employee with one dependent, $450; employee with multiple dependents, $550.
The Mighty Machinery Company pays a large part of the premiums for participating employees and their dependents. Participating employees have deducted from their paychecks every month $40 from an employee without dependents, $80 from an employee with one dependent, and $100 from an employee with multiple dependents.
The Healthy Family Medical Organization has a deductible of $300 per year for an employee with no dependents, $450 per year for an employee with one dependent, and $600 per year for an employee with multiple dependents. The organization pays 80% of all medical bills in excess of the deductible.
To answer all questions regarding health insurance, refer to the above information on Mighty Machinery Company.
-Refer to Mighty Machinery Company. The Mighty Machinery Company has 20 employees. If the company stopped paying for health benefits for employees' dependents, compute the amount the company would pay this year in health premiums to cover only its employees.​

---

Definitions:

Aggregated

Combined or summed up into a whole; used often in the context of data or information that is collected from different sources and presented as a total.

Detailed

Characterized by a presentation of in-depth information and specifics.

Management Accountants

Professionals who provide financial data and analysis to managers within organizations to aid in business decision-making.

Budget Planning

Budget planning involves creating a detailed plan that maps out a company's financial expectations and how resources will be allocated.