ealth Care Choices. You have a choice of two health insurance plans with the following terms. Assume that both plans cover 100% of expenses after the deductible and co-payments. Plan A Plan B Monthly premium: $300 Monthly premium: $700 Annual deductible: $5000 Annual deductible: $1500 Office visit co-payment: $25 Office visit co-payment: $25 Emergency room co-payment: $500 Emergency room co-payment: $200 Surgical operations co-payment: $250 Surgical operations: no co-payment Suppose that during a one-year period your family received the following medical bills. Service Total cost (before insurance) Jan. 23: Emergency room $800 Feb. 14: Office visit $100 Apr. 13: Surgery $1400 June 14: Surgery $7500 July 1: Office visit $100 Sept. 23: Emergency room $1200 Determine your annual health care expenses if you have Plan A. Determine your annual health care expenses if you have Plan B. Determine your health care expenses for the year if you have no health insurance. Does having no health insurance create any other risks for you? Explain
ealth Care Choices. You have a choice of two health insurance plans with the following terms. Assume that both plans cover 100% of expenses after the deductible and co-payments. Plan A Plan B Monthly premium: $300 Monthly premium: $700 Annual deductible: $5000 Annual deductible: $1500 Office visit co-payment: $25 Office visit co-payment: $25 Emergency room co-payment: $500 Emergency room co-payment: $200 Surgical operations co-payment: $250 Surgical operations: no co-payment Suppose that during a one-year period your family received the following medical bills. Service Total cost (before insurance) Jan. 23: Emergency room $800 Feb. 14: Office visit $100 Apr. 13: Surgery $1400 June 14: Surgery $7500 July 1: Office visit $100 Sept. 23: Emergency room $1200 Determine your annual health care expenses if you have Plan A. Determine your annual health care expenses if you have Plan B. Determine your health care expenses for the year if you have no health insurance. Does having no health insurance create any other risks for you? Explain
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Health Care Choices. You have a choice of two health insurance plans with the following terms. Assume that both plans cover 100% of expenses after the deductible and co-payments.
| Plan A | Plan B |
|---|---|
| Monthly premium: $300 | Monthly premium: $700 |
| Annual deductible: $5000 | Annual deductible: $1500 |
| Office visit co-payment: $25 | Office visit co-payment: $25 |
| Emergency room co-payment: $500 | Emergency room co-payment: $200 |
| Surgical operations co-payment: $250 | Surgical operations: no co-payment |
Suppose that during a one-year period your family received the following medical bills.
| Service | Total cost (before insurance) |
|---|---|
| Jan. 23: Emergency room | $800 |
| Feb. 14: Office visit | $100 |
| Apr. 13: Surgery | $1400 |
| June 14: Surgery | $7500 |
| July 1: Office visit | $100 |
| Sept. 23: Emergency room | $1200 |
-
Determine your annual health care expenses if you have Plan A.
-
Determine your annual health care expenses if you have Plan B.
-
Determine your health care expenses for the year if you have no health insurance. Does having no health insurance create any other risks for you? Explain.
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