Oliver injured his leg while playing football. Fortunately, he has a health insurance policy. He has a deductible of $2,000, and he must pay 20% coinsurance with his health insurance plan. His medical bill is $3,500. If Oliver has paid $1,000 of his deductible so far this year, he will have to pay $ out of pocket

Question

Mathematics

Li

20 October, 10:46

Oliver injured his leg while playing football. Fortunately, he has a health insurance policy. He has a deductible of $2,000, and he must pay 20% coinsurance with his health insurance plan. His medical bill is $3,500. If Oliver has paid $1,000 of his deductible so far this year, he will have to pay $ out of pocket

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Woodard · Answer 1

The Answer is:

Step-by-step explanation:

First, find the 20% that he must pay:

$3,500 *.20 = $700.

The remaining balance is:

$3,500 - $700 = $2,800

He already paid $1,000 of his deductible of $2,000. He has $1,000 left to pay.

Add that to the $700 to get:

$1,000 + $700 = $1,700 out of pocket.