Health Insurance Case Study
People who do not have any health insurance are setting themselves up for financial ruin. Uninsured people do not have access to preventative and primary care or may have difficulty receiving follow-up care. An onset of a sudden illness such as cancer or diabetes or even an accident can accumulate medical bills. Therefore, paying a higher out-of-pocket expense in medical bills without the use of health insurance can lead to debt or bankruptcy. Acquiring health insurance is necessary so that people can receive the proper care without emptying their savings (Getzen, 2013). In this paper, I will discuss the chosen company profile, an analysis of the potential risks, the reason for selecting this company and the reasons why I did not prefer the
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They are both interested in purchasing health insurance that provides in-network providers and services, using a Health Maintenance Organization (HMO) health plan for their employees. The company will use the capitation payment method for reimbursement. Helen Feuerman, Dr. Johnathan Wikes, and Adam Hunter my co-workers will assist in the decision-making on behalf of Castor Collins Insurance. Castor Collins Insurance Company at present has 1000,000 enrollees and would like to expand their growing list of enrollees by selecting Constructit or E-Editors or neither company if too risky. After taking into consideration of the organizations that would most benefit Castor Collins, the team carefully selected Constructit as their new …show more content…
Castor advisors must keep in mind that if the company chooses a plan that is too risky for the insurance company, where revenue can decline; they can reject the client. The objective for Castor Collins is to increase their potential earnings by choosing a plan that is within the company spending range for insurance per head and to ensure that the company will not lose money on Constructit.
The team of experts can use cost-benefit analysis (CBA) and cost-effectiveness analysis (CEA) to examine the insurance plan. Both of these mechanisms can combine the organization objectives and goals to solve the various issues within the company. An example would signify accomplishing the goals of Constructit by finding a health insurance plan to cover its 1,000 employees but stay within the target price of $4000 yearly per person. “Every choice involves a trade-off, giving up something to get something else” (Getzen, 2013, p. 44).
I. Castor Collins
They are both interested in purchasing health insurance that provides in-network providers and services, using a Health Maintenance Organization (HMO) health plan for their employees. The company will use the capitation payment method for reimbursement. Helen Feuerman, Dr. Johnathan Wikes, and Adam Hunter my co-workers will assist in the decision-making on behalf of Castor Collins Insurance. Castor Collins Insurance Company at present has 1000,000 enrollees and would like to expand their growing list of enrollees by selecting Constructit or E-Editors or neither company if too risky. After taking into consideration of the organizations that would most benefit Castor Collins, the team carefully selected Constructit as their new …show more content…
Castor advisors must keep in mind that if the company chooses a plan that is too risky for the insurance company, where revenue can decline; they can reject the client. The objective for Castor Collins is to increase their potential earnings by choosing a plan that is within the company spending range for insurance per head and to ensure that the company will not lose money on Constructit.
The team of experts can use cost-benefit analysis (CBA) and cost-effectiveness analysis (CEA) to examine the insurance plan. Both of these mechanisms can combine the organization objectives and goals to solve the various issues within the company. An example would signify accomplishing the goals of Constructit by finding a health insurance plan to cover its 1,000 employees but stay within the target price of $4000 yearly per person. “Every choice involves a trade-off, giving up something to get something else” (Getzen, 2013, p. 44).
I. Castor Collins