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A paper on economic issues simulation based on castor insurance plans

Get Full Essay Get access to this section to get all help you need with your essay and educational issues. As like other HMO companies, Castor Collins Health Plans provides health insurance and health care services to enrollees through a statewide network of physicians and hospitals. This company has a total of 100,000 enrollees.

Castor Collins Health Plans are looking to increase the number of enrollees in the company. My mission is to increase the number of enrollees. As the Vice President of strategy and financial planning, my role is interacting with new clients and formulating health plans that will fulfill the needs of the new clients. As a representative of Castor Insurance, my job is to maximize profit and minimize risk for the company.

  • In addition, E — Editors employee age groups range from 35 — 54 years where as ConstructIt employee age groups range from the ages of 36 to 45 years University of Phoenix, 2010, Health Profile Section;
  • Collecting premiums is our source of revenue.

Based on my analysis of potential utilization, I will provide at least two reasons why each plan could be selected. Then I will state which plan I would select to sell to my chosen company to increase the number of enrollees.

Economic Issues Simulation Paper Essay Sample

I will also provide the reasons for my decision and why I did not select the other plans offered. With the help of my colleagues, I look forward to helping the company increase the number of enrollees in the future. Helen is the chief financial officer at Castor Collins Health Plans and she is in charge of the financial operations of the company. Her job consists of accounting, budgeting, forecasting, underwriting and actuarial, financial analysis, financial planning, and risk management.

With her credentials of having a certification in Public Accountant and Chartered Life Underwriter, she plays a huge role within the company.

Helen has been with Castor Collins Health Plans for seven years. His job consists of working with utilization management and clinical services. He is in charge of new product development and corporate affiliations.

Economics Issues Simulation Paper Essay

Adam Hunter has been an important aspect of the company by helping the company gain new enrollees and ensuring that they are satisfied with the health plans that the HMO offers. Constructit and E-Editors are groups of individuals in which are seeking health insurance from Castor Collins Health Insurance Company. Constructit consists of 1,000 people whereas E-Editors consists of 1,600 people. The Castor Standard plan does not cover preexisting conditions, the risks and returns in this plan are low.

A comparison of the expected utilization and the returns from providing Castor Standard to this group shows that the risks that I have accepted are high. The earnings from the Castor Standard Plan is not sufficient to cover them. Choosing another plan or not insuring the group would have potentially mitigated the risks.

  1. HMOs tightly oversee the use of health care services to reduce costs and control utilization. There are also many health insurance companies that are not aware of the existing health conditions if the consumer.
  2. References University of Phoenix. What has been the trend in outpatient care over the last 5 years and what do you believe have been the major reasons for this trend?
  3. He is in charge of new product development and corporate affiliations. Based on my analysis of potential utilization, I will provide at least two reasons why each plan could be selected.
  4. In addition, E — Editors employee age groups range from 35 — 54 years where as ConstructIt employee age groups range from the ages of 36 to 45 years University of Phoenix, 2010, Health Profile Section. Many people require two or more health insurance companies to ensure that they are being covered for health care expenses.
  5. The option that I could have taken was not to insure the group at all, but any earnings are better than none for the company. References University of Phoenix.

The option that I could have taken was not to insure the group at all, but any earnings are better than none for the company. I have chosen to set them up with the Castor Standard Plan because the Castor Enhanced Plan and Castor Customized Plan would have increased the premium over their maximum amount they are willing to pay for a premium.

Today, there are many people paying expenses on costs that are unnecessary. Consumers pay insurance premiums to transfer their risk of medical expenses to the insurance company.

Collecting premiums is our source of revenue. The revenue helps us pay our selected health care providers as well. While selecting a plan and the services to provide under that plan, Castor Collins Health Plans has to decide upon different considerations such as the premiums the enrollees are willing to pay, the risks of providing a particular plan or service, the expected utilization, and the premium that Castor Collins Health Plans needs to charge to maintain profitability.

Consumers, such as Constructit and E-Editors are driven by utility maximization.

  1. Many pre — existing conditions require specialized services that may be added or customized to the Castor Enhanced health plan. My mission is to increase the number of enrollees.
  2. Question 1 Imagine you have been asked to deliver a two-part informative workshop at a local health care expo by your Director of Community Outreach. A second reason for why I can offer Castor Standard Insurance plans to ConstructIt is that it costs less while covering more conditions.
  3. However, if E — Editors was willing to pay higher premiums Castor Collins Health Plans may have been able to customize a health plan.

People cannot determine when they are going to require health care services, therefore selecting the proper plan just in case is important. Many people require two or more health insurance companies to ensure that they are being covered for health care expenses. There are also many health insurance companies that are not aware of the existing health conditions if the consumer.

This simulation allowed me to illustrate an economic decision-making for an HMO company that provides health insurance and health care services to potential enrollees. My colleagues and I were able to determine how much premium to charge for bearing different kinds of risks and what services to provide as part of a health care plan.

I have learned that there will always be factors that will complicate economic decision-making in health care markets.

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References University of Phoenix. Economic Issues Simulation Paper.

  • It is important one evaluates the exclusions and limitations listed within health insurance plans to ensure adequate and correct amount of coverage is available;
  • I evaluated the employee work and health profiles of two companies:

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