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Economic Issues Simulation

Essay by   •  March 5, 2013  •  Essay  •  1,073 Words (5 Pages)  •  2,084 Views

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Economic Issues Simulation

The workplace today has expanded with women and men working in many different types of industries within the United States. Businesses are thriving because they are meeting their goals and requirements due to the increase of women and men who are working in these businesses. Most businesses or employers pay by either salary or by the hour and there are many that include benefits. All businesses need to have insurance because there is always the possibility of an employee being hurt, a fire, or a robbery, etc. Most companies will also provide health benefits to employees; and in order for the company to do this, they will need to select a health insurance company who will meet the demands and the costs need to be reasonably priced. Business owners need to meet with the insurance provider in order to establish a manageable plan to fit both the insurance company and the employer. When it comes to healthcare insurance, it is a service that most individuals are in need of; and the economics help to broaden the choices of health insurance. There are some individuals that prefer to use the health maintenance organizations (HMO's) as their insurance plan. HMO's are a plan that may be chosen by a company receiving services and they may opt to decline some services based on his/her employee information. The choice made is Castor Insurance the debate on the likely applications, and the reason it was the choice over the other company which was offered.

Castor Insurance History

Castor Collins health plans have been in service since 1999. Individuals who opt for this HMO for healthcare services will enroll in the plans statewide network, with the help of physicians and hospitals. Currently it is going 100,000 enrollees strong throughout the state; but it is always looking to increase this number. Castor offers three different plans; and they are The Castor Standard plan, The Castor Enhanced plan, and the Castor Enhanced plan minor. The first plan, the Castor standard plan, is a basic plan that has low premiums; but will not cover preexisting conditions. The second plan, the Castor enhanced plan, will cover preexisting conditions as well as offering more services than the first plan, although the premium is quite a bit higher. Castor insurance representatives need to assist two different groups in choosing a proper plan for their company.

Demographics

The groups are E-editors and Constructit; and the goods and services which were settled on and incorporated within the plan of each. Constructit has a group of 1,000 individuals and centered on their greatest annual premium the will be willing to pay $4,000 per individual. E-editors, has a group of 1,600 individuals on their highest annual premium and are willing to pay the higher premium of $4,500 per individual. Castor Collins is going to assist each company realize a plan that will be built on the material given by the employees working in the companies. The first group, Constructit , though having a smaller group of people, they are willing to pay an amount that will give Castor Insurance a minimal risk; yet will help them gain in profit.

The Constructit

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