Hcs 440 Week 3 Economic Issue Simulation

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Economics Issue Simulation Paper - Constructit Wanda Armstrong HCS/440 William Obert May 25, 2014 Economics issue simulation paper Every business faces economic issues which can cause hardship on the company and its employees when faced with decisions involving premiums and services in health care plan. A major economic problem facing Constructit is choosing the best health care plan that benefits the needs of the employee and the business. This paper will discuss the health care plans offered by Castor Collins Health Insurance and the reason for choosing the best plan for the group. The decision to choose the best plan that meets the company’s expectation and covers most of the areas in which the employees need coverage and preventive treatment, and stays within their maximum dollar amount of $4000 a year and creates improved earnings for the business. The paper will discuss why I chose a specific plan and the reasons for not choosing the other plan that the company could benefit. The plan that best meets the needs of both parties include maximizing profit and minimizing risk to the company and…show more content…
The first plan is castor standard which does not cover pre-existing conditions which mean the risks are low and so are the benefits. The second plan is castor enhanced and castor enhanced minor which covers pre-existing medical conditions. Castor enhanced minor gives you the ability of removing services that are not needed by the employees thus reducing their yearly premiums. The castor enhanced plan could be selected because it covers pre-existing conditions and offers low co-payments. The castor enhanced minor plan also covers pre-existing conditions and offers lower co-payments, which the risks are lower with this plan to keep the premium below the company’s maximum amount of
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