Question

Oliver injured his leg while playing football. Fortunately, heHis 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. 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 pocke

Answer 1

Oliver's situation involves a deductible and coinsurance. Let's break down the calculation:

1. Deductible: Oliver's deductible is $2,000. He has already paid $1,000 towards his deductible, so he needs to pay an additional $2,000 - $1,000 = $1,000 to meet the deductible.

2. Coinsurance: After the deductible is met, Oliver needs to pay 20% coinsurance. His medical bill is $3,500. Since he has already paid $1,000 towards the deductible, the remaining bill after deductible is $3,500 - $1,000 = $2,500. Oliver needs to pay 20% of $2,500, which is $2,500 * 0.20 = $500.

So, the total amount Oliver needs to pay out of pocket is $1,000 (deductible) + $500 (coinsurance) = $1,500.

Answer 2

Oliver will need to pay $500 out of pocket in addition to the $1,000 he has already paid towards his deductible.

Step-by-step explanation:

Oliver's medical bill is $3,500. He has a deductible of $2,000, which means he needs to pay that amount out of pocket before his insurance coverage starts. He has already paid $1,000 of his deductible, so he still needs to pay $2,000 - $1,000 = $1,000 to reach his deductible.

After reaching his deductible, Oliver will need to pay 20% coinsurance. This means he is responsible for 20% of the remaining $2,500 ($3,500 - $1,000) medical bill, while his insurance will cover the other 80%.

Therefore, Oliver will need to pay 20% of $2,500, which is 0.20 x $2,500 = $500 out of pocket in addition to the $1,000 he has already paid towards his deductible.