Economic Issues Simulation
Economic Issues Simulation: Constructit Constructit is a company which does not presently have any employees with health insurance benefits. The company employs 1000 people and are willing to fund annual premiums as long as they can pay $4,000 per person. The employees comprise of 550 men and 450 women, ranging in ages 26 to 45. Furthermore, the workers 57% of the workers range from high activity to moderate activity while the 43% that remain are in predominantly sedentary positions. The employer must calculate what kind of risks the employee will face when considering what type of insurance to offer the employees. In this scenario, 38% of the employees are not at any major risk whatsoever.
…show more content…
I would also suggest to include vision screening, hearing screening, and the male/female sterilization services. The cost for these services is relatively low and they are standard services which should be include in any insurance plan. Eliminating these standard services would deter employees from getting involved with the insurance plan as a whole so the company would suffer. Custodial coverage should be another service included with the plan. This additional service is not high cost and the amount of utilization is relatively low. Deciding on this plan while including vision and hearing screenings, male/female sterilization, and custodial care; and removing obesity treatment services, would result in the premium costing approximately $3,943. The total number is just slightly under the budget of $4,000. The use of this plan will make Castor Hall up to $3.94 million from Constructit. This would be a very profitable choice for Castor Hall. I personally would not select Castor Standard insurance because it limits the employees that are applicable for that coverage. This particular plan does not include individuals with pre-existing conditions and other employees with issues with obesity. Furthermore, the fact that 39% of the group has obesity issues, there is a real possibility that there are
The purpose of this paper is to summarize the International Trade Simulation, explain the basic concept of International Trade, emphasize the four key points from the reading assignments in the simulation, and apply these concepts to my workplace.
Employers should offer affordable( employee premium less than 9.5% of employee’s wages) and of minimum value( employers must pay at least 60% of insurance cost) healthcare benefits to their employees depending on factors like number of FTE, number of employees receiving premium tax credits and other complex measurements to calculate the amounts. Employers should also notify employees by written about State exchanges, and advise them that if an employee decides to purchase a health Plan through an exchange, they may lose the employers’
Self-insured employers pay a fee to fund the Patient-Centered Outcomes Research Trust Fund. To calculate this fee, multiply the number of lives covered times the policy fee. The current policy fee is $2.08. Plans that are limited in coverage, such a vision, dental, or employee assistance programs are exempt.
SIMULATION DESCRIPTION: As the manager of TriState Dairies market research department, you need to determine what to do with the Dairies' surplus milk.
Medicare is a health insurance program purposely created for people over sixty five (65) years of age. However the service is open to people with certain disabilities or permanent kidney failures. The process of choosing the right Medicare involves having to weigh different plans on account of benefits of their cover. Different types of Medicare plans are important in: Inpatient hospital care, outpatient services, doctor visits, home health care, prescription drugs, and care in a skilled nursing facility among others. In addition, the program covers the cost of health care but does not cover all medical expenses including cost of long term care. If one ought to choose an original Medicare coverage, one may buy a Medicare supplement policy from a private insurance company to aid in coverage of costs that are not supported by Medicare. Most of these Medicare expenses are covered by a part of the pay role offered to workers by their employer. This paper covers different Medicare plans; A, B, C, D and their influence towards my decision on the best preferred option.
|Providing Free Preventive Care |Employers will incur additional costs not offset|Claims will likely increase because
I had one option where I would essentially pay nothing, but the coverage was different if I had needed to have a major surgery or something of that magnitude. You will have to weigh your options when it comes to your risks of having a large medical cost, but I opted to pick a coverage that was somewhere in the middle, where I still have costs per month, but the overall charges for a long hospital stay would not be massive. So far I have used the plan to see a regular doctor at least six or seven times, have seen several specialist, and picked up medication and I have to say it is the most professional and efficient health insurance company that I have ever dealt
Disadvantages of Option 1: The plan is large scale and will require a lot of time and effort. It might be difficult to convince people to change their current plans and convince new healthier folks to join. Budget approvals might take some time to come through. The tie-up with the insurance company needs to be well-planned.
Other programs under DM that have shown to be beneficial to both the members and the health plans are, shared decision-making programs and medical informatics. PPOs, HMOs and CDHPs have preventive services programs being implemented. Preventive services include services such as: immunizations, mammograms, physicals, and counseling. An independent study on an indemnity plan that had prenatal preventive services showed that members who enrolled into this program had an average of $3200 less per delivery than those who had not (p.194). Health risk appraisals are a program geared to obtain information from members regarding activities or behaviors that can affect their health status (Kongstvedt, 2007,p.193). When the health plan obtains this information it
As a “comprehensive major medical insurance policy,” the Dumonts’ coverage includes basic health insurance for hospital, surgical, and physician expense needs, as well as major medical expense coverage. The latter is very important to extend the basic coverage to protect the Dumonts from the financial effects of a catastrophic illness or accident. The policy has a very adequate lifetime cap of $3,000,000 per insured. The Dumonts should continually analyze the health plans from both employers to determine which offers the best overall plan. But, the annual coinsurance, stop-loss amount, and family
Insurance (general liability, workers' compensation and property casualty) coverage at a total premium of $2,400.
The advertising strategy was also to be an immediate market follower. J.D.B.T.’s advertisements were modified by comparing them to the top rated brands’ advertisements. This worked well until R&D came into effect. Other companies were able to advertise titles such as Highest Performance Processor, and Technical Leader Most R&D. We had a decline in our advertising because we did not strategize in the beginning to invest in the R&D as fully as other companies.
9. Investopedia. Game: Investopedia Stock Only Game 2009 - No End. Investopedia. [Online] 2010 February - April. http://simulator.investopedia.com/Portfolio/.
The position will also offer other employee benefits and allowances as a motivation for the workforce. The company will offer medical insurance where the employees will be sponsored for half the amount incurred as medical expenses. The medical cover offered by the company also covers the immediate
There is a spacious room for lemon in insurance field. The price for health insurance is not fixed, it varies based on the level of the need an applicant may require for the insurance. As in the case of elderly people over the age 65, it is well known that it is very difficult for them to get health insurance because of its high price as they certainly will need it more than other applicants. On the other hand, employees working in companies are offered health insurance as a part of the companies’ policies and regulations. This actually create more room for lemon in the insurance field and less chance for old people who need it more. This ended up with adverse selection by the insurance companies. (A.Akerlof, Aug