Two companies approached castor insurance for healthcare insurance cover, constructit and E-editor. As a castor insurance representative, I will choose constructit. The company has one thousand employees and willing to pay up to $4000 maximum premiums. My primary aim is to ensure that I keep the revenue maximized. Thus, I have to study for the right plan offered by castor insurance company. I will have to select the best plan to use from the option of castor standard and caster enhanced.
Most people in United States take healthcare insurance with lots of consideration, thus choosing the best insurance company is very vital. The demand is always increasing day after day for the best insurance company on health care issues. It is thus important to choose the so that revenue is maximum, and no losses incurred. After the law was reformed, healthcare insurance has to be offered by the employer. It has led to most insurance company looking for the best ways to provide their services without any risks and the same time making profits. The parties also involved find the best insurance company to fit them. Risk factors are the main important consideration while determining the best insurers.(Quirk, 2010, P43)
Considering Constructit Company it employs a total of one thousand employees of which five hundred and fifty are men, and the rest are women. Fifty-seven percent of the workers have a routine physical activity, and the remaining forty-three percent have sedimentary activity. The married percentage of employees in constructit is sixty percent; this implies that the remaining forty percent are unmarried.
Constructit employees have an obesity rate of thirty-nine percent. They additionally have hypertension and elevated cholesterol level of nineteen percent. The castor enhanced mainly tends to cover preexisting conditions, unlike the castor enhanced which does not. The main problem facing the costructit is the obesity problem, and the enhanced plan is the best, but in order to give the premium requirements castor standards should be selected.
The customers usually decide the premiums; this is important so that they can transfer the different risks involved with the insurance company. By choosing the castor standard, the company will compensate &3.43 million. The main reason is that even though having obesity the care for obese utilization under the preexisting clause guaranteed.
Constructit employees are mainly of the age of twenty-six and forty-five years old. The business organization does not offer its employee insurance. Usually, half of the workers comprises of the highly active activities while the other percentage comprises of sitting position most of the time. The most important factor while determines the type of insurance policy to take is health. It is the kind of the factor that affects most of the employees. By looking at the statistics twenty-eight percent of the workers have no health problems within the organization. Eighteen percent of the other workers are mainly smokers and also have some health issues, this is respiratory problems. The common health concerns are hypertension and diabetes. It will add the use of some medical services to help compact the different medical problems.
Castor is the leading insurance company so far. It usually provides health insurance and health services to its employers. Castor has a range of different plans, one of the plans is called castor standard program. The programs primarily offer health services, hospitalization and healthcare preventive measures. The primary bad mark of this strategy is that it does not cover other restorative conditions. The castor standard usually does not cover all other medical conditions.
The other option that castor offers is referred to the castor enhanced minors. It provides some coverage for a preexisting condition like a castor improved plan. The main demerit is that it does not offer different services to be removed so as to keep the cost minimal. This plan is also great because the premiums can also adjust. This policy also covers main health problems such as female sterilization, hearing screening and other custodial care. It is closely the same as the standard plan scheme. It has an exception of lowering the pre-existing conditions. Sometimes the castor plan may be the right one to use because it maximizes earnings and the risks involved are very minimal. The program also gives the option of coverage of the entire group of the organization. It is very vital for an organization like constuctit as it will maximize the earnings.
Castor enhanced minors seem to be a plan that will work well for constructit. The plan is the best in my opinion because it covers the employees as a whole thus offering them maximum advantages. It is essential to note that the arrangement has extremely fewer dangers contrasted with alternate methods. It has very fewer risks compared to the other plans. In this mode, it allows castor to remove some health treatment services. Obesity is the main problem that is very easy to eliminate under this scheme. Considering that constructit has a high percentage of obese people, removing this treatment services will be beneficial for castor. It will be very vital for castor to eliminate this option from the number of premiums for the group may exceed the cost services related to obesity.(Quirk, 2010, P98)The other primary option that needs that is very vital is the custodian coverage. Estimated low cost will allow people to find out and decide what to enroll. Also taking this will be inclusive of male and female sterilization. And the removal of obesity treatment this will allow the organization to pay a lower premium compared to the annual payment thus making profit.
The standard plan is not coverage of the proximity condition. With the obesity rate being high, the proximity condition may be very high. Taking into consideration castor enhanced plan covers proximity condition; this program does not give either the option of adding or removal of some treated service. It will not be profitable to the castor insurance because of the use of some services that may be higher than the amount of the premium paid.
Economic constrict might arise and hinder the working of the organization as well. It can be some uncertainties within the working environment. An example of risk can be supply of demand because health care amount could not be predictable by the patients. Construct it has been studied by castor insurance and made the right health plans that will be active in the organization and generate maximum profit for the company. After my evaluation the best option is castor enhanced, this program will maximize the profits, and very minimal risks involved.
Quirk, J (1988).“Qualitative economics” understanding the HMO simulation Demeter Press. pp. 7–20. ISBN 9781927335267.