Health Care Choices. You have a choice of two health insurance policies with the following terms.
Plan A | Plan B |
Office visits require a co-payment of $25. | Office visits require a co-payment of $25. |
Emergency room visits have a $500 deductible (you pay the first $500). | Emergency room visits have a $200 deductible (you pay the first $200). |
Surgical operations have a $5000 deductible (you pay the first $5000). |
Surgical operations have a $1500 deductible (you pay the first $1500). |
You pay a monthly premium of $300. | You pay a monthly premium of $700. |
Suppose that during a one-year period your family has the following expenses.
Expense | Total Cost (before insurance) |
Jan. 23: Emergency room | $400 |
Feb. 14: Office visit | $100 |
Apr. 13: Surgery | $1400 |
June 14: Surgery | $7500 |
July 1: Office visit | $100 |
Sept. 23: Emergency room | $1200 |
a. Determine your annual health care expenses if you have Plan A.
b. Determine your annual health care expenses if you have Plan B.
c. Would having no health insurance be better than either Plan A or Plan B?
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