There are many different cost control strategies that employer-sponsored plans can implement. The first one is that employers can offer a number of products of services to their employees. One service that employer can do is buy options, called riders, so that they can augment their health plan coverage. These can be used for different coverage’s like dental and vision care. They can also be used for complementary healthcare such as acupuncture, massage, and some dietetic counseling. These enrollments are usually held annually. They call this enrollment “open enrollment.” Sometimes these enrollments occur after a waiting period that the employer specifies. This is just for new hires, so that they can have the insurance coverage when they have waited their probation period time. During the enrollment, employees decide on which plan or benefits they would like for the next year. There are different level of premiums and deductibles that are available. There is adequate coverage in both plans, but usually the self-funded plans have the higher risks that come with them. These types of plans have no third party administrators involved.…
Employer-sponsored health plans buy medical insurance from insurance companies to give to their employees as benefits. The human resource department negotiates with insurance companies and selects a group health plan (GHP) to give to their employees as a basic plan. The employees can then purchase riders, or options such as dental or vision insurance, to add to their basic plan. Employers can also use a different network of providers for certain types of medical care for their employees. During open enrollment periods, which is a specified period usually offered once per year, employees can customize their insurance coverage to their families' insurance needs.…
Our firm is the producer of tangible products. We, as a company, must ensure that we are delivering the highest quality products to our customers to maintain a quality reputation and in order to earn repeat and referral business. We have identified the three types of costs associated with the implementation of quality considerations. We believe that if we are mindful of the following costs our quality will improve, our customer satisfaction will improve and our business will prosper. The three types of costs associated with quality considerations are prevention costs, appraisal costs, internal and external failure costs. Prevention costs are the most effective way to avoid unnecessary problems with production and sales quality. These costs are defined as any steps we as a company can take to pre-emptively avoid any future defects by providing our employees with things such as, proper tools to complete their assigned work, safe and proper working conditions, proper and effective training of all new employees and continual training and education for all existing employees, and by implementing quality control systems to ensure all products produced are up to the company’s and customer’s quality standards. Appraisal costs are the costs associated with the testing and inspection of purchased materials used in the productions process, inspection of the items the company is producing, checking items produced for conformance, quality control audits and field testing of items produced and the cost of the labor associated with all of these items. These costs are ultimately the quality costs resulting from quality control and while they may be high in numbers but are imperative during the manufacturing and production processes. Internal failure costs are the costs that we would incur should we fail to meet the quality standards of the…
STANDARD COSTING VARIANCES Materials Actual Production X X X Vs. Standard Usage Standard Price Actual Usage Actual Production X X X Vs. Standard Usage Standard Price Actual Usage Actual Price…
10. The intersection of supply and demand will be at a lower equilibrium price but a higher equilibrium quantity if…
When it comes to controlling costs, employers generally do what they can to implement plans. One way to help control costs can be by limiting the services or products offered to employees. Riders are available for employees who would like to have options and other choices. Riders can be used for alternative choices for dental coverage, vision coverage, or other healthcare needs. When employers offer plans and certain coverage they tend to offer it on an annual basis and through “open enrollment periods”. Open enrollments occur for the most part annually or on an as needed basis, following a new hire, or life change. Employees get to pick which benefits work best for them and their families for the year. This is a plan that has no third party administrators. There are various types of premiums and deductibles that are offered with these choices as well. There is good coverage in both plans, but there are more risks and issues with self-funded plans.…
Performance Activity 37: Conduct a performance assessment, or grade papers, or quizzes, etc. Write about this experience in your journal.…
While I agree with your lists of spillover costs, I must point out that spillover costs or benefits are those that affect other people. The person who bought the SUV might be able to drive in most weather conditions, but this does not help or harm Mr. Smith down the road. Accordingly, while your list of benefits is not incorrect it doesn't describe spillover benefits so much as just plain benefits to the person who bought the SUV.…
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Comparing cost control strategies of employer-sponsored health plans and self funded health plans employers do what they can and offer plans that will fit the employees. Employers limit the services or plans to help control cost. Riders are options that employees can add to a plan, like vision and dental plans. There are also complimentary plans that can be purchased like chiropractic services, dietetic counseling and acupuncture. Employers tend to offer plans through an open enrollment period. Open enrollment is offered at certain times of the year, usually at the beginning of the year or the end of the years for the next physical year. Open enrollment allows for the employee to pick the plans that are best for their families needs. This is a plan that has no third party administrators. There are various types of premiums and deductibles that are offered as well as co-pays. Most people look at what the premium and out of pocket expenses are going to be. Self funded plans have more risk that but there are good coverage’s in both plans.…
for some services or in some markets they will be able to act as price setters; for other…
There are several differences between cost-based pricing and value-based pricing. In this essay we will consider a few of them. Value-based pricing is based on the customer’s perception of value rather than the seller’s cost as the key. Cost-based pricing is based on the product. A company comes up with an idea of what they think would be a good product and sets the price after considering all the production costs plus a target profit. (Kotler, Armstrong, 2008, p. 285, 286)…
There are certain basic principles which are followed in various Japanese companies which are listed below: -…
was used to repeat to his father that bigger dimensions were necessary to offer to the market a wide…