Question Description
I’m studying for my class and need an explanation.
As a manager, you have been chosen to present information on two choices for your company’s new health insurance carrier for employees. Assume you are also able to use an insurer within the Gulf Cooperation Council. Research the various providers in Saudi Arabia and choose one that meets the needs of your company. Then, choose another country within the Gulf Corporation Council and locate a similar insurance provider option. Create a comparison analysis presentation about both insurance providers. Be sure to include the following:
The different benefits available to the employees through their health insurance plan;
The responsibility of the employer in terms of premiums;
- The advantages and benefits of both plans;
- How Saudi Arabia and the other GCC country you chose fund national health services; and
- How moral hazard plays into a company’s health benefit plan.
- Your presentation should meet the following structural requirements:
- Organized into five slides, plus the title and reference slides.
Employ professional themes and transitions.
Explanation & Answer
View attached explanation and answer. Let me know if you have any questions.
Gulf Cooperation Council
Health Insurance Companies
COMPARISON ANALYSIS
Comparison Analysis
Daman Health Insurance
Allianz Global Health
Insurance
Is the largest health
Situated in Qatar as the leading
insurance provider in
UAE(Puri-Mirza, 2019).
Provides a wide range
insurance solutions
including basic care plans.
Offers private insurances
such as medical travel
insurance.
Embraced digital services
where it did away with
plastic insurance cards.
health insurance coverer.
Only covers the medical expenses
involved in hospital experience.
Focuses on core plans such as
catering for daycare treatment as
well as rehabilitation
treatment(Puri-Mirza, 2019).
Only devoted to international
coverage of medical insurances
excluding the united states.
Benefits to Employees from the Insurance Plans
Health insurance companies provide a wide range of
insurance covers to their employees such as
insurance for medical maternal leaves(Eling &
Pankoke, 2016).
The employees can also save on money
Insurances help reduce absenteeism
Facilitates recruitment as well as employee retention
Employee satisfaction can also be boosted
Employer Responsibility
Health insurance companies have the role of
providing premium rates affordable to society.
The premium rates charged should be equal for
general and private insurances(Eling & Pankoke,
2016).
All risks on healthcare should be insured through
issuance of premium
Premium insurances should meet client
specifications
Advantages
Both insurance plans provide a wide range of health
insurance covers
They both help employees as well as clients save
money on help expenses(Eling & Pankoke, 2016).
Insurance companies also provide the best medical
care without any strain on client finances
Both provide hospitalization expenses as well as
ambulances and daycare procdures
Funding
Saudi Arabia uses public health funding taking up
about 75% while out of pocket expenditures at only
25%(Puri-Mirza, 2019).
Most of the healthcare services are financed by the
health insurance companies
Privatized funding has also chipped in on the
financing of healthcare in the GCC countries
Impact of Moral Hazards
Increased demand for healthcare due to reduced
costs
There is over insurance by those who have more
money
Increased risk taking by the insured because they are
insured(Finkelstein, 2018).
References
Puri-Mirza, A. (2019). Topic: Insurance industry in the
Gulf Cooperation Council. Statista. Retrieved September
18, 2021, from
https://www.statista.com/topics/4595/insurance-industryin-gcc/.
Eling, M., & Pankoke, D. (2016). Advanatages and benefits
of i...
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