Issues Health care economics provides theories of production, inequalities, effectiveness, regulation and competition to help keep health care running smoothly and efficiently (Getzen, 2013, p. 2-15). One key factor that health care economist are watching is medical plans provided to help cover the cost of care for individuals. These plans are put in place to help take some of the burdens off of the person while helping find affordable, reliable, quality care. Castor Collins is a health insurance group
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the group is married. The group is willing to pay up to $4,000 dollars per individual for their annual premium. Castor Collins must weigh the many considerations when deciding to insure Constructlt, the premiums employees are willing to pay, risks of providing a certain plan or service, and the expected utilization (University of Phoenix, 2014). In order to maintain a profit Castor Collins needs to take all of these aspects into consideration. Thirty-two percent of the individuals at Constructlt
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Issues Simulation Paper HCS/440 University of Phoenix Individuals are encouraged to get insured, which serves as their proactive assurance of the possible risks that they may face in the future. By getting insurance, the person is able to minimize these risks. For instance, one may opt to buy insurance in order to have a fall back in case of a large loss or casualty, thus they can still be secure of a regular premium. Quite ironically, insurance has been one of the profit avenues
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HCS/440 University of Phoenix Individuals are encouraged to get insured, which serves as their proactive assurance of the possible risks that they may face in the future. By getting insurance, the person is able to minimize these risks. For instance, one may opt to buy insurance in order to have a fall back in case of a large loss or casualty, thus they can still be secure of a regular premium. Quite ironically, insurance has been one of
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Simulation Paper Castor Collins is a regional health maintenance organization (HMO) that provides insurance and health care services to enrollees through its network of doctors and hospitals. Castor Collins offers several different insurance plans that would be beneficial to the employees of Constructit. The insurance plans offered vary according to services provided, cost of annual premium to employees, and utilization of services. Castor Collins has the ability to tailor an insurance plan that meets
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Economic Issues Simulation Paper HCS/440 Economics: The Financing of Health Care June 4, 2012 Caryn Callahan I’m a representative of Castor Collins Health Plans insurance. As a representative of the company my job is to maximize profit and minimize risk for the company. The simulation states Castor Collins has been approached by two groups of people for health insurance (University of Phoenix, 2007). Both companies have a set rate that their employees are willing to pay. According to the simulation
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Title of Paper Health care is defined as being one of through goods that consumers demand. A study reveals that rational consumers make choices to maximize utility. For example if the Americans chooses to eat more chocolate even though it is bad for his or her health, it means that Americans perceives more utility in the joy of eating chocolate than developing good teeth. However, the market for health care is different from markets for other goods in many ways, which complicates “decision
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HCS 440 Economic Issues Simulation University of Phoenix, Axia Date: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Instructor: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Economic Issues Simulation: Constructit Constructit is a company that currently does not have any employer paid health insurance. This company consists of 1,000 people and they are willing to pay up to $4,000 per person for their annual premium. The group of people is compromised of 550 men and 450 women ranging in age from
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Economic Issues Simulation Paper Health maintenance organizations (HMO) are organizations that provide or organize health insurance, self-funded health care benefits plans, individuals, and other entities for the United States as a liaison with health providers or hospitals on a prepaid basis. In this simulation a virtual organization Castor Collins Health Plans presented three HMO options to two organizations. I will review one of the company’s demographics, discuss the HMO choices, explain the
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offer employer paid health insurance. Constructit is compromised of 1,000 people and they are willing to pay up to $4,000 per person for their annual premium. The organization consists of 550 men and 450 women ranging in age of 26 to 45 years old. Fifty-seven percent of the workers range from high activity to moderate activity level while the remaining forty-three percent are mainly in a sitting position most of times. One factor to consider when determining which type of insurance to offer the group
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