Assume that you have a health insurance plan with the following provisions:
- Office visits require a co-payment of $35
- Emergency room visits have a $400 deductible (you pay the first $400)
- Surgical operations have a $2000 deductible (you pay the first $2000)
- You pay a monthly premium of $450
During a one-year period your family has the following expenses:
Total cost (before insurance)
Determine your health care expenses for the year with and without the insurance policy
A) with policy $8270 without policy $10280
B)with policy $3320 without policy $10280
C)with policy $12810 without policy $10820
D) with policy $7860 without policy $10730
Assuming a healthcare plan with those provisions:
- Co-pay has to be paid for every visit.
- Deductible means for every visit, the deductible has to be paid and the rest is paid by the policy.
- Insurance premium will also be paid in case one desires a policy.
- Expense (w/o policy) = $10,280 and with policy = $8,270.
- Option (a) is correct.
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