Economic Issues Simulation Paper
Economic Issues Simulation Paper
Jamie Ruth
HCS 440
6/25/2013
Marcia Smith
Economic Issues Simulation Paper As a representative of Castor Insurance, the job is to maximize profit and minimize risk for the company. Healthcare is a high in demand good that the consumers of any job wants and needs to have. So it is very important to chose the right kind of healthcare for your employees. The two companeys in question Constructit and E-editors need to choose a well balanced health insurance plan that will work for there group of people.
I am Jamie Ruth, I am the Vice President, Strategy and Financial Planning at Castor Collins. My duties include pricing plans and setting insurance premiums for our potential clients. Castor Collins was approached by two companies looking for employer insurance and both companies have a set rate their employees are able to pay for premiums since both groups will have to pay for his or her own insurance. The first company is Constructit that consist of 1,000 people and E-Editors that consist of 1,600 people. It is up to my team to come up with a plan the meets Constructit $4,000 max on premium and E-editors max of $4,500 premium. Our task is to keep revenue maximized and risk to a minimum by choosing one of our three plans, which are Castor Standard, Castor Enhanced and our customized plan called Castor Enhanced Minor to suit Constructit the company I have chosen.
Demographics of Constructit Constructit consist of 550 men between the ages of 26 to 45 and 450 women between the ages of 26 to 42. At Constructit 32% of the workforce’s duties involve excessive physical activities. This can cause some health risk with these employees. Whereas 25% of the workforce’s duties involve modest physical activities and the remaining 43% of the workforce’s duties involve inactive activities. With the modest activity there is always a chance an injury could happen. The inactive employees mainly
Jamie Ruth
HCS 440
6/25/2013
Marcia Smith
Economic Issues Simulation Paper As a representative of Castor Insurance, the job is to maximize profit and minimize risk for the company. Healthcare is a high in demand good that the consumers of any job wants and needs to have. So it is very important to chose the right kind of healthcare for your employees. The two companeys in question Constructit and E-editors need to choose a well balanced health insurance plan that will work for there group of people.
I am Jamie Ruth, I am the Vice President, Strategy and Financial Planning at Castor Collins. My duties include pricing plans and setting insurance premiums for our potential clients. Castor Collins was approached by two companies looking for employer insurance and both companies have a set rate their employees are able to pay for premiums since both groups will have to pay for his or her own insurance. The first company is Constructit that consist of 1,000 people and E-Editors that consist of 1,600 people. It is up to my team to come up with a plan the meets Constructit $4,000 max on premium and E-editors max of $4,500 premium. Our task is to keep revenue maximized and risk to a minimum by choosing one of our three plans, which are Castor Standard, Castor Enhanced and our customized plan called Castor Enhanced Minor to suit Constructit the company I have chosen.
Demographics of Constructit Constructit consist of 550 men between the ages of 26 to 45 and 450 women between the ages of 26 to 42. At Constructit 32% of the workforce’s duties involve excessive physical activities. This can cause some health risk with these employees. Whereas 25% of the workforce’s duties involve modest physical activities and the remaining 43% of the workforce’s duties involve inactive activities. With the modest activity there is always a chance an injury could happen. The inactive employees mainly