Question

Mickey Doren's group medical insurance coverage costs $94.50 semimonthly . His employer pays 65% of the cost. How much is the annual premium ?

Answer 1

Answer: $793.80

Explanation:

The cost of the insurance is $94.50 semi-monthly which means this is paid twice a month.

In a month therefore, the cost is:

= 94.50 * 2

= $189

In a year this is:

= 189 * 12

= $2,268

The employer pays 65% which leaves Mr. Doren with 35%:

= 35% * 2,268

= $793.80