Question: Use computational and algebraic tools to quantify the total costs for each plan using last year's medical expenses as an estimate. Option 1: The Deluxe
Use computational and algebraic tools to quantify the total costs for each plan using last year's medical expenses as an estimate.
Option 1: The Deluxe Plan | Option 2: The Basic Plan |
Co-payment for Office Visit = $$20 | Co-payment for Office Visit = $$30 |
Prescription Drugs at 30% | Prescription Drugs at 50% |
Emergency Room Visit = first $$75 plus 10% of remaining charge | Emergency Room visit = first $$75 plus 30% of remaining charge |
Hospital stay or procedures at 10% | Hospital stay or procedures at 30% |
Other approved expenses at 10% | Other approved expenses at 30% |
Monthly premium = $$425 | Monthly premium = $$150 |
The Bell Family's medical expenses from last year are summarized in the table below:
Month | The Bell Family's Medical Expenses |
January | 1 office visit(s) & $$105 prescription |
February | 1 Emergency room visit (charged $$475) |
March | 3 office visit(s) |
July | 2 office visit(s) |
August | Hospital stay for surgery (hospital/doctor charged $$6,500) and $$120 prescription |
September | 3 office visit(s) |
Including premiums and payments outlined above, what would have been the Bell's total medical costs for the year using Option 1: The Deluxe Plan?
Step by Step Solution
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To calculate the Bell Familys total medical costs for the year using Option 1 The Deluxe Plan we need to consider the different types of medical expen... View full answer
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