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Hcs 440 Week 4 Constructit Simulation

In: Business and Management

Submitted By Shelliekaye
Words 479
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Constructit Insurance Selection
Economics: The Financing of Health Care
HCS 440
December 27, 2013 Constructit Insurance Selection
Companies that are considering offering insurance to employees must make some decisions on plans, costs to both the business and the employee, and services provided. The insurance company offering the insurance looks at the level of coverage they are willing to provide for the services they will cover and to make a profit. This becomes a delicate balance of offering quality insurance coverage while making a profit. Castor Collins is evaluating the best selection based on the coverage requested by the separate companies and the amount the companies are willing to pay per employee. This student will analyze the data put together through the simulation assignment as the Vice President of Strategy and Financial Planning at Castor Collins with the information gained about both companies and advice from other professionals at Castor Collins regarding the chosen business, employee demographics, health concerns, premiums, and plan selection.

Company Selection
Approaching Castor Collins for insurance are Constructit and E-Editors. Both companies are seeking insurance plans for their employees, but both companies have different amounts the employees are able to pay towards an insurance plan. Constructit has 1,000 employees and are willing to pay $4,000 per employee towards a maximum annual premium. E-Editors have 1,600 employees and are willing to pay $4,500 per employee towards a maximum annual premium. This may appear to be an easy decision but exploring other factors is necessary.
After extensive review of the data, Castor Collins has decided to give Constructit and not E-Editors an insurance plan. Castor Collins is offering their Castor Enhanced Minor plan minus obesity coverage to keep the plan under the maximum annual...

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...|[pic] |Syllabus | | |College of Natural Sciences | | |HCS/440 Version 5 | | |Economics: The Financing of Health Care | Copyright © 2010, 2007, 2005, 2004, 2002, 2000 by University of Phoenix. All rights reserved. Course Description This course provides an overview of the economics of health care. The various payers are examined, including private, state, and federal entities. Issues such as the cost effectiveness of prevention, the management of patients and their diseases, as well as the cost of treatment settings are discussed. Third party reimbursement from various sources, ranging from for-profit insurance carriers to charitable donations, are reviewed. The health care system's use of grant funding and research dollars is described. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. ...

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