Summary: Economic Issues Simulation Review

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Economic Issues Simulation Review Faith S. Tribbey HCS/440 January 28, 2013 University of Phoenix Eric Oestmann Castor Collins Health Plan Review The Castor Collins Health Plan was founded as an HMO. The HMO is providing health insurance and health care services to enrollees, which Castor Collins has over 100, 000 enrollees throughout the state. As Vice President, Strategy and Financial Planning for Castor Collins, my responsibility is assisting new clients and formulating health plan that suit their needs, which include pricing and selling insurance premiums. There are two companies to select, Constructlt or E-editor that need help with coming up with an insurance plan. Constructlt is the company chosen to present…show more content…
Most people will choose the Castor Standard, which is the lower cost to save money in their pocket. Castor Collins will like to make changes to Castor Enhanced since it already have the preexisting medical condition coverage to accommodate the conditions of the employees. Castor Collins will to it make changes to the premium with the company only paying a certain amount for each employee. The plan could work, but is not saying that it will benefit the company. So the return to the company will be lower as well. This is the better chose of the two plans with the health condition of the employees. The health plan is going to cost more but you pay for better services. It is like the saying “you pay for what you get”, such as if you pay a lower premium than you will have certain network of hospitals, physicians, and treatment centers that may not have the same results of paying more money and receiving better service. The Castor Enhanced plan can be overhaul to fit the need of the employees. Some of the services can be removed which will help cut some of the cost. Then the plan can work for the companies with paying a little lower premium for each employee and the cost will be weigh out with a healthy person not going to the doctor as much and paying the same cost. .Castor Collins need a health plan to service the employees to locate the problem that needs to be treated and cut the time from them being absent from work. Most employees will work on themselves, making matters worse instead of going to the doctor. The simulation shows the utilization of certain medical services, the various cost and the usages by the employees. The consumers will pay a health insurance premium to place the burden on the insurance company to pay the medical expenses and in return the insurance company, Castor Collins covers the risk of the premium and take care of the
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