Oliver will have to pay out of pocket $1,700 out of pocket.
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.
What is insurance?
Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies and/or perils.
First, find the 20% that he must pay
$3,500 *0 .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.
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