Consumers and insurance benefits issues paper Essay

Consumers and insurance benefits issues paper - Essay Example The different issues under the healthcare system include Medicare, Medicaid and insurance. This essay will focus on the historical framework of insurance including management and technology implications in this sector. While Medicare covers hospital insurance, medical insurance, doctor’s service and outpatient hospital care, Medicaid has provided health care since 1965. Medicaid provides essential health support to Americans of all ages. Medicare does not pay for all of a covered persons medical costs and from January 2006, provides coverage for prescription drugs through a complex coverage model (Wikipedia). Medicare is partially financed by taxes on wages and in 2003, Medicare accounted for almost 13% of the entire Federal budget. Thirty three cents of every dollar spent on health care in the U.S. is paid by Medicare and Medicaid. Under the circumstances, health insurance becomes necessary. Health insurance spreads the risk of health care expenses and provides people access to medical services. Since the late 19th century, states have been regulating private health insurance companies and products with a view to assure financial solvency of the insurance companies, promote risk spreading, protect consumers against fraud, and ensure that consumers receive what they are promised (Kofman & Pollitz, 2006). Although the business of insurance was traditionally reserved for the state, in 1974, the federal government became the primary regulator of health benefits provided by the employer. During 1980s and 1990s, Congress established minimum standards for group health insurance. Today every state follows certain basic standards for health insurance. They ensure that insurers are financially solvent and in a position to settle claim promptly. In the private health insurance market, the insurers minimize their risks to avoid losses. They deny coverage to individuals who have health problems. Approximately

Market Segment Analysis (Individual) Essay Example | Topics and Well Written Essays - 1250 words

Market Segment Analysis (Individual) - Essay Example Porsche is a German automobile brand founded by Ferdinand Porsche in 1931. The organization’s headquarter is in Stuttgart, Germany. However, it is equally popular in all parts of the world for its futuristic car designs and superior performance on-track (Porsche Automobile Holding, 2014). Porsche is popular all around the world and has established a statue of luxury sporting car. The major reason behind massive demand for Porsche is its car designs, luxury, comfort and prestige attached with those who are driving a Porsche. Customers of Porsche do not belong only to the elite class, but it is equally popular among sports car lovers of all age. Porsche major segmentation strategy is explained as following: This segment of Porsche Automobile generates around 27% of the company’s revenue. The consumers of Porsche belonging to this segment prefer a car with superior performance on the track, which motivates them to work even harder to achieve the best and allows complete control on the transmission and drive. Top Guns are also self-obsessed, and they want to show-off so that people can notice them which support the assertion that these customers are status conscious. Top Guns are proud of their success and tell their success stories to everyone so that they can be appreciated (Huffman, Rayess, Habib, & Mitchell, 2012). These are the customers who are passionate about owning the world’s best sports car and are intrinsically motivated towards experiencing new adventures in their lives. For this reason, they select a car which thrills them with its speed and power. Bon Vivant segment is currently generating 17% of Porsche’s total revenues and is considered as being a lucrative segment in the near future. These customers mostly live in urban areas and have the tendency to influence attitudes and behaviors of people in their surrounding (Richardson, 2004). Elitists segment of Porsche Automobile