Economic Issues Simulation Paper
Jamie Ruth
HCS 440
6/25/2013
Marcia Smith
Economic Issues Simulation Paper As a representative of Castor Insurance, the job is to maximize profit and minimize risk for the company. Healthcare is a high in demand good that the consumers of any job wants and needs to have. So it is very important to chose the right kind of healthcare for your employees. The two companeys in question Constructit and E-editors need to choose a well balanced health insurance plan that will work for there group of people.
I am Jamie Ruth, I am the Vice President, Strategy and Financial Planning at Castor Collins. My duties include pricing plans and setting insurance premiums
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Out of 1000 employees 170 men and 210 women 38% of the workforce has no major health problems. With almost 10% of the workforce 55 men and 36 that are smokers. The majority of the workforce misses work due to injuries, respiratory system diseases, digestive disorders, migraine, and allergic conditions.
Health Concerns In our investigation of the health demographics in Constructit we discovered the following health concerns. Almost half of the employees are obese, 198 men and 192 women which adds up to 39% of the workforce which in itself is a major concern. Obesity can cause High Cholesterol the second highest medical condition within this group meaning 19%, 101 men and 95 women. As well as high blood pressure is another cause of health concern with 88 men and 105 women, 19% of the workforce. We also discovered many suffer from an allergy which affects 92 men and 85 women 17% overall. Many of the employees suffer from migraines 16%, 75 men and 93 women. Although only 13% of the employees 78 men and 57 women Respiratory Diseases is still a cause of concern. The Last medical condition we discover was digestive disorders at 8% 52 men and 32 women. Now our task was to develop a plan and stay within our $4000 premium limit.
Plans
Here at Castor Collins we have two plans that could possibly fit the needs of Constructit. One is Castor Standard which does not cover preexisting medical conditions and the other is
Specific health problems associated with the workplace have contributed to the development of Particular health issues connected with the work environment have added to the advancement of the cutting edge safety and health development. These issues incorporate lung infections in diggers, mercury harming, and lung tumor attached to asbestos. Occupational and Environmental Health Professionals have an above normal extent of all day employments. For Occupational and Environmental Health Professionals working all day, normal week by week hours are 42.3 and profit are high - in the ninth decile. Unemployment for Health Professionals is underneath normal. H&S Professionals have an expansive extent of specialists amongst individuals in the 25-34 age section, making it an energetic and dynamic workplace. The unavoidable consequence of the expanded consideration given to safety and health is that bigger organizations are utilizing safety and health professionals and all organizations big or small are relegating these obligations to existing representatives.
At the point when propelling a worksite health program, the accessible association level information ought to be distinguished. Information and data that has a direction on worker wellbeing and wellbeing ought to be inspected and examined in point of interest. Run of the mill information sets inspected include: turnover, time and participation, a wide range of protection related cases information, profitability, harm and security.
Foremost, the healthier a society is, the more productive employees are, which boosts revenue. When an employee’s health is in question, an employer may actually lose 77 percent of productivity, making the loss greater than that of health care expenses. These numbers go up with the combination of lack of exercise, 96 percent loss, and unhealthy eating habits, 93 percent loss, said a study from Brigham Young University, according to an article in a 2012 Education Letter. The study included “those who did not believe their workplace environment would support them in becoming physically and emotionally healthier were more likely to
Ill health and accidents are quite common at work because this happened in 2011/12, 1.1 million people who were working were suffering from illnesses, and some people believed that the illnesses were caused from or made worse from their current work or their past work.
Workplace wellness is defined as any workplace health promotion activity or organizational policy designed to support healthy behavior in the workplace and to improve health outcomes (Workplace Wellness, 2014). Worksite wellness programs began in the eighties across the United States and other countries to curtail the increase of cardiovascular diseases (CVD) among the population. CVD is a condition that occurs when cholesterol builds up in the arteries restricting blood flow to the heart. CVD can lead to a heart attack if left untreated. Risk factors associated with CVD include high blood pressure, elevated cholesterol, obesity, smoking, stress, diabetes and leading a sedentary lifestyle. Decreasing these risk factors can significantly lower chances of developing a heart attack.
According to the Kaiser Family Foundation’s 2008 Employer Health Survey, 54 percent of companies offer at least one of the following wellness components: weight loss, gym membership discounts or on‐site exercise facility, smoking cessation programs, personal health coaching, classes in nutrition or healthy living, and Web‐based resources or newsletters. Approximately 47 percent of employers allow an employee’s family members to participate (Kaiser Family Foundation,
The increasing prevalence of chronic diseases in the working-age population should be concerning since it can impact the cost of employer-sponsored health coverage and absenteeism. As a result, it is imperative that the Interpublic Group seek alternatives to reduce its health costs without sacrificing the health of its employees. The goal is to find evidence that indicates if healthier lifestyles among employees can decrease employers’ health costs since employees who pursue healthy behaviors have fewer illnesses and injuries than other workers, and if they recover from illnesses and injuries
In Detroit Chrysler has over 4,600 employees ranging from the ages of 23-55 years old working for the plant. With this age group specific health care needs to consider are regular checkups, preventive exams, and monitor and educate on possible health risks. Older employees are prone to infections, loss of reflexes or senses. Younger employees need to be educated on proper nutrition, weight control, and exercise and safety measures.
Companies can produce substantial savings with a healthier workforce. A company’s productivity is lower due to lost time from unhealthy employees. On an average, company’s loss 23.5 days of productive time each year because of time off for sickness or, underperforming at work because of working while sick (Paton 2016). The loss of 23.5 day per year of productivity due to unhealthy lifestyles and poor health equates to an estimated $71.17 billion a year in lost productivity (Paton 2016). The larger English companies in this study instituted wellness programs that have helped in lowering the lost time due to unhealthy life choices by their employees. These programs have reported an 8% increase in the health of employees and companies have reported a 16% increase in productivity.
Employee wellness program is set up to improve the health of employees’, promote their morals and at the same time improve workers productivity. Examples of employees’ wellness programs includes on site clinics, on site gym or employee discount at a gym, smoking cessation, stress reduction programs, weight control and healthy diet. (Churchill, Gilliespie, Herbold, 2014). ). The Center for Disease Control and Prevention in 2008 estimated that the medical cost of chronic disease was 75% of all the health care cost, the cost for obesity was $147 billion and cigarette smoking another risk factor for chronic disease cost $ 193 billion (Churchill, Gilliespie, Herbold, 2014).Some employees due to long hours at work tend to neglect their health. Most employees’ do not have time to eat healthy food they depend on unhealthy snacks due to time. Also there is lots of stress at work place, these wellness programs are suppose to help staff unwind and relax after a hard day at work. It is equally appropriate for employees who are stressed out at home.
Work Organization Hazards (WOHs) are problems associated with workplace issues that can cause stress (short-term) and strain (long-term) on the body. WOHs are common in settings such as laboratories, hospitals, and nursing homes. WOHs pose Psychological risks which include the inability to concentrate, depression, anxiety, negative thinking and memory lapse. Psychological problems often lead to behavioral effects which can lead to the developing habits such as drinking alcohol, smoking tobacco, absenteeism, anger outbursts and eating disorders. Physical risks include weight gain, high blood pressure, stroke,
Being unhealthy has its problems which affects a person both socially and financially. Unhealthy activities can terribly affects an individual’s health and it can also be costly for an employer. Cost which is indirectly linked with employees unhealthy lifestyle include being in efficient, hiring additional staff due to divide the work duties, work and non-work related
Once you’ve landed that prefect job and you’re on your way to starting a fulfilling career, you may feel excited and eager to get to work. However, what you may not know is that your career could be causing you a number of unwanted health problems. Of course, you have to work to make a living, but you should still be aware of the many ways in which your job could be affecting your health and how to treat and prevent these conditions
The issue of poor health habits of employees has resulted in growing rates of chronic disease, together with the rising cost of health benefits, increased absenteeism and reduction in productivity (Mujtaba, 2013). The decline in workforce health also adds to increased health related expenses. This includes both direct medical payments and indirect expenses resulting from absenteeism or presenteeism (loss of productivity when employees not fully functioning because of illness or medical conditions) (MedicineNet, n.d.).
Illness and injury does not always arise from the individual’s personal circumstances, but can also be the result of work factors. For example,