Health Care Economics

Health Care Economics

Introduction

Insurance program for employees is a major part of the compensation package. Employees are attracted towards a company who is offering a competitive compensation package which also includes medical insurance. In fact, Health care economics is related to the study of demand and supply of health care services (Henderson, 2009). It helps in determining the level of health care services consumed in a country or region. Around the world, health care economist strives to evaluate and achieve an optimal level of utilization of health care services at which both the consumer and supplier are entertained with the highest level of satisfaction.

Insurance can be bought to cover a range of circumstances - theft, unemployment, health, car accidents - and just about anything of value (Folland et al., 2012). One would get quotes from a few insurance companies before deciding which one suits ones needs best. If one asks questions about what the company will pay if a claim is made, such as, will it pay for replacement of an item or only what the item was worth at the time of the claim. If one has problems with one's insurance plan provided by company, try to resolve them through the company's complaints or dispute resolution procedures first. If one is unhappy with the outcome, the employee should take corrective measures in this regard (Diana & Jean, 2000).

Castor Insurance Services

Castor is an insurance company that provides health insurance coverage through different health insurance products. The company was founded in New York in 1995 and mainly focuses on the offering Health Maintenance Organization (HMO) to companies and businesses. In fact, HMO solutions can be seen as Castor's main offering as it provides a comprehensive health coverage to employees of the registered companies through a sound network of health center and physicians. It is also important to know that Castor health insurance plan has hundreds of registered companies across the country and is still increasing its business.

Further, the representative of the Castor is mainly responsible to increase the Profit of Constructit as well as lower any risk associated with insurance for its client company. It is also essential to know that Castor representative is also responsible to devise a workable health insurance plan for Constructit considering the needs of client. This means that the representative will develop premiums and pricing plans for the insurance of client organizations. Since it is the priority job of Castor representative to keep the Constructit's revenue at the top and risk at the bottom by selecting the most appropriate health insurance plan out of Castor's three plans, which would be more suitable to the needs of client organization.

Insurance Plan

Castor offers three plans including Castor Standard, Castor Enhanced and Castor Enhanced Minor to its clients. In fact, Castor Standard can be seen as main product of the company that provides coverage for all incidents excluding pre-existing conditions and costs $3,499 per annum. Castor Enhanced has specifically been designed to cover pre-existing conditions with annual cost of ...