Hcs 440 Week 3 Economics Simulation Research Paper

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Economics Simulation Paper
Tremise Lane-Jackson
HCS/440
January 29, 2014
Brian A. Dufrene R. Ph MBA

In today’s work world it is makeup of diverse individuals which strives towards a successful outcome. However, working for a small or large company, individuals are looking forward to meeting the needs of the organization. In order to meet the needs of the organization, employees are to be in rivalry with hourly and salary wages. In additions to the hourly and salary wages, individuals are often attracted by organization benefits which usually consist of employee searching for discounts in 401k retirement plans and cheaper life insurance. The attractions to employees are health care insurance benefits, which usually includes
It is beneficial to both employers and employees if any accidents, injury, burglary, or fire. It maintains the employee status for the organization. Economics play an immense role in selecting the correct health care plans which the organization ensure the plans offered accommodate their needs, meeting the standard which is requirements, and are cost-efficient. Corporate owners recognize the importance of developing a plan with the health care insurance provider which can maximize profits and minimize risks for the
The plans offered to Castor Collins Health are significant; however, only one can be chosen. Option one, Castor Standard does not cover pre-existing and option two, Castor Enhanced does cover pre-existing medical conditions. Castor Enhanced Minor is a third option which is customized. Therefore, about 38% of the employees are not a major risk for the organization. However, 18% of the employees smoke cigarettes and 13% suffer from respiratory illness. Although, obesity is a risk factor for the organization which about 39% of the employees suffer from obesity and are considered a risk for other illnesses which is connection to obesity. The simulation shows ConstructIt to have less medical issues with their employees than E-Editor as a low rationale for pre-existing conditions; however, the Castor Standard plan appears to be beneficial since it does not cover pre-existing medical conditions for the organizations. Order to charges the premium the Annual Earnings is $3428 for ConstructIt, which is much less than E-Editors. This risk is lower for providing this plan and unfortunately the returns are as well. It seemed to be a better option for the employees. Therefore, no plans were selected for the other group because the rates would have been immerses higher