Health Costs. Assume that you have a (relatively simple) health insurance plan with the following provisions:
• Office visits require a co-payment of $25.
• Emergency room visits have a $200 deductible (you pay the first $200).
• Surgical operations have a $1000 deductible (you pay the first $1000).
• You pay a monthly premium of $350.
During a one-year period, your family has the following expenses.
Expense | Total Cost (before insurance) |
Feb. 18: Office visit | $100 |
Mar. 26: Emergency room | $580 |
Apr. 23: Office visit | $100 |
May 14: Surgery | $6500 |
July 1: Office visit | $100 |
Sept. 23: Emergency room | $840 |
a. Determine your health care expenses for the year with the insurance policy.
b. Determine your health care expenses for the year if you did not have the insurance policy.
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