University:
Michigan State University
Course:
EC 498 | Economics of Health Care
Academic year:

2020
Views:

92

Pages:

4
Author:

Edgar Rowe

Economic Issues Simulation Paper  Present a profile of the chosen company. Include the following: o Demographics of the employees (University of Phoenix: Apollo group Incorporated, 2004). Castor Collins has 30,000 employees to provide coverage too two groups of people Constructlt of 1,000 willing to pay a maximum annual premium of $4000. The E – Editors of 1,600 willing to pay for a maximum annual premium of 4,5000 (University of Phoenix: Apollo group Incorporated, 2004).  Health care risk factors or potential areas of high usage E – Editors is a larger group paying a larger premium because they will have conditions needing selective concentration. Constructlt has no preexisting condition having a lower premium (University of Phoenix: Apollo group Incorporated, 2004). o Premiums the company is willing to pay 625 per person for a premium of $5000 per employee Preventative Services, Diagnosis Services and Emergency Dental Services and Acupuncture with a Premium charged of 4828 with an earning of 144.87 million (University of Phoenix: Apollo group Incorporated, 2004). Cosmetic Reconstructive Surgery, Gastric Bypass, and Acupuncture Economic Issues Simulation Paper o Analysis used to evaluate the employees and health care risk factor Cost – Effectiveness Analysis (University of Phoenix: Apollo group Incorporated, 2004).  Based on your analysis of potential usage, provide the following: o At least 2 reasons each plan could be selected Castor Standard did not cover preexisting condition and Castor Enhanced did not cover preexisting conditions (University of Phoenix: Apollo group Incorporated, 2004). o State which plan to sell to your chosen company  What are the reasons for this decision? Castor Standard – this plan does not want to cover preexisting conditions Castor Enhanced – this plan is able to cover preexisting conditions Customized Plan – a combination of both plans enhanced and minor to assist coverage for both plans. So, the enrollees are able to have coverage for conditions needing a more comprehensive analysis (University of Phoenix: Apollo group Incorporated, 2004). No Plan – Denying coverage to members with preexisting conditions Plan must maximize revenue and minimize any risk factors is what the company wants to keep in mind (University of Phoenix: Apollo group Incorporated, 2004).  Why did you decide against the other plans offered? Economic Issues Simulation Paper The plans I did not chose are Castor Enhanced Minor because the premium for this plan would too high for the enrollees to pay (University of Phoenix: Apollo group Incorporated, 2004). Economic Issues Simulation Paper Conclusion Within the marketplace of Healthcare HMO enrollees are very important players. The market is different for all commodities, they are based on aspects related to uncertainty of supply and demand & asymmetric. The New Prescription for presented of strategy and financial planning for this simulation. A health profile with plan details comparing plans, cost and utilization, and premium and earnings. (University of Phoenix: Apollo group Incorporated, 2004).

Economic Issues Simulation Paper

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