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Types of Health Insurance Plans - Case Study Example

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The paper "Types of Health Insurance Plans" describes that there are different types of health insurance plans designed to meet specific needs of an employee or employees. Specifically, the most common in the market is embedded in a network of providers in order to benefit from the economies of scale. …
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Types of Health Insurance Plans
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Types of Health Insurance Plans

Download file to see previous pages... Offering a health insurance plan helps in retaining and attracting quality workers. Accordingly, this results in a higher productivity and customer satisfaction. Additionally, a health insurance makes employee accept better benefits instead of a higher salary. Consequently, this reduces the organizational expenditure and provides more financial resources for development (Morrisey, 2008). Furthermore, a health benefit decreases absenteeism and improves the workers’ health and morale. As a result, the workers are more willing to offer better services that assist the firm in realizing its objectives.
On the other hand, such a benefit is expensive for the organization, considering its small size and sources of finance. Additionally, the administrative cost of designing and implementing such a plan is very expensive for the business (Morrisey, 2008). Furthermore, the current cost of insurance policies is increasing, making it less viable and an expensive endeavor for the organization. For this reason, any mistakes made in the benefit plans can lead the team to serious legal problems that might lead to costly charges or regulatory fines.
There are different types of health insurance plans designed to meet specific needs of an employee or employees. Specifically, the most common in the market is embedded in a network of providers in order to benefit from the economies of scale. Some of the available plans include the exclusive provider organization, health maintenance organization, a point of service, and the preferred provider organization (Morrisey, 2008). The most desirable and cost-effective plan for the organization is the Preferred Provider Organization. Specifically, this is because the method is cost effective as it allows members of the network to pay less when the employees use services from the providers within the network.
The Preferred Provider Organization is network specific, and the employees do not pay for the plan.  ...Download file to see next pagesRead More
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