HCS 440
Economics Issues
Nowadays, health care cost a lot. The reason why health insurance exists is to help individuals and their family financially in case something unexpected illness or accidents happen. For example, individual may choose to purchase coverage to have a back up in case of something catastrophe happens, therefore they can still be safe on a fixed payment. Somewhat paradoxically, insurance has remained one of the income opportunities of certain corporations. Revenue can be increased in the insurance industry since achieving the premium after the possibility of an assured injury will still require a greater opportunity of the similar incident to happen.
The focal point of insurance is allowing the customers or consumers to pay a portion of their money on a daily basis as their way of planning for likely serious illness or death. The consumers of Castor Collins can pick between two health plans that the company offers. The Standard insurance will not cover the pre-existing illnesses, while the Castor Enhanced Plans can be used to cover the pre-existing illnesses of the consumer. However, with the new Chief Financial Officer of the company, Helen Feuerman, the organization has a better approach that can offer them with larger revenues in which they called the Castor Enhanced Minor. This new program mostly eradicated entirely the corporation amenities that have a great level of consumption from their consumers. Herewith, it is thrilling to know how accurately Castor Collins will need the new rules of the corporation provided to their better-quality revenue increase and expense decrease.
The primary dimension of the influence of their rules is the premiums and benefits. Therefore, it is significant to distinguish how the organization will measure these aspects accurately. First, the variations in the premium will distress the consumers of the organization. High priced premiums would mean reduced customers; particularly those who still cannot understand
Nowadays, health care cost a lot. The reason why health insurance exists is to help individuals and their family financially in case something unexpected illness or accidents happen. For example, individual may choose to purchase coverage to have a back up in case of something catastrophe happens, therefore they can still be safe on a fixed payment. Somewhat paradoxically, insurance has remained one of the income opportunities of certain corporations. Revenue can be increased in the insurance industry since achieving the premium after the possibility of an assured injury will still require a greater opportunity of the similar incident to happen.
The focal point of insurance is allowing the customers or consumers to pay a portion of their money on a daily basis as their way of planning for likely serious illness or death. The consumers of Castor Collins can pick between two health plans that the company offers. The Standard insurance will not cover the pre-existing illnesses, while the Castor Enhanced Plans can be used to cover the pre-existing illnesses of the consumer. However, with the new Chief Financial Officer of the company, Helen Feuerman, the organization has a better approach that can offer them with larger revenues in which they called the Castor Enhanced Minor. This new program mostly eradicated entirely the corporation amenities that have a great level of consumption from their consumers. Herewith, it is thrilling to know how accurately Castor Collins will need the new rules of the corporation provided to their better-quality revenue increase and expense decrease.
The primary dimension of the influence of their rules is the premiums and benefits. Therefore, it is significant to distinguish how the organization will measure these aspects accurately. First, the variations in the premium will distress the consumers of the organization. High priced premiums would mean reduced customers; particularly those who still cannot understand
References: Phillips, C. (2009, February). What is cost effectiveness? Health Economics. Retrieved from http://www.medicine.ox.ac.uk/bandolier/painres/download/whatis/Cost-effect.pdf Techniques of economic appraisal. (n.d.). Welcome to HealthKnowledge | Health Knowledge. Retrieved from http://www.healthknowledge.org.uk/public-health-textbook/medical-sociology-policy-economics/4d-health-economics/economic-appraisal