Archive of 2011 June

21Jun2011
Author
steppema
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General
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From the SOA Health Meeting: SOA staff fellow discusses meeting highlights Thumbnail

From the SOA Health Meeting: SOA staff fellow discusses meeting highlights

by Sara Teppema, SOA Staff Fellow, Health Watch a recap of our largest Health Meeting ever—nearly 950 attendees! What was your favorite part of the meeting? What did you learn? Share your comments below. (more…)

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20Jun2011
Author
steppema
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General
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From the SOA Health Meeting: Board member, health actuary provide overview of first day of meeting Thumbnail

From the SOA Health Meeting: Board member, health actuary provide overview of first day of meeting

by Sara Teppema, SOA Staff Fellow, Health Listen to Alice Rosenblatt and I recap the day’s events as the first full day of sessions come to a close at the Health Meeting. They also discuss the proposed revisions to the profession’s disciplinary process. What new insights did you receive by attending the Health Meeting? And what do you think about the joint discipline proposal? (more…)

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16Jun2011
Author
steppema
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General
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From the SOA Health Meeting: Health Affairs editor-in-chief gives insight into direction of health care Thumbnail

From the SOA Health Meeting: Health Affairs editor-in-chief gives insight into direction of health care

by Sara Teppema, SOA Staff Fellow, Health As editor-in-chief for Health Affairs, Susan Dentzer tells us where she sees health care and health policy heading in the remainder of the year.  Susan also talks about the role of actuaries in reducing health care expenses and ensuring the long-term viability of Medicare.  What do you think about Susan’s perspective? (more…)

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16Jun2011
Author
steppema
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General
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From the SOA Health Meeting: FSA discusses profession and areas of growth Thumbnail

From the SOA Health Meeting: FSA discusses profession and areas of growth

by Sara Teppema, SOA Staff Fellow, Health Jim Toole, a leader in the SOA’s work to expand opportunities for health actuaries, shares his perspective on the profession and its growth, following the Health Meeting’s first full day of sessions.  What industry do you see having growth opportunities for the profession and why?  What can individual actuaries do to facilitate this growth? (more…)

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16Jun2011
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steppema
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General
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From the SOA Health Meeting: Health actuary shares key points from session Thumbnail

From the SOA Health Meeting: Health actuary shares key points from session

by Sara Teppema, SOA Staff Fellow, Health Learn more from health actuary and professor Ian Duncan about his session, “U.S. Health Reform: What U.S. Actuaries Can Learn from Experiences in Other Countries” and his thoughts about new research related to Massachusetts’ healthcare system.  Did you attend Ian’s session?  Share what you learned about health reform after hearing from Ian and other experts. (more…)

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15Jun2011
Author
steppema
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General
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From the SOA Health Meeting: Board member offers view on strategic initiatives Thumbnail

From the SOA Health Meeting: Board member offers view on strategic initiatives

by Sara Teppema, SOA Staff Fellow, Health Alice Rosenblatt, health actuary and member of the SOA Board of Directors, gives her perspective on the strategic initiatives that are overseen by the SOA’s Cultivate Opportunities Team related to brand enhancement, member and candidate engagement and new opportunities for actuaries. (more…)

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15Jun2011
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steppema
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General
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From the SOA Health Meeting: Chief Actuary for Centers for Medicare and Medicaid Services talks frankly about career Thumbnail

From the SOA Health Meeting: Chief Actuary for Centers for Medicare and Medicaid Services talks frankly about career

by Sara Teppema, SOA Staff Fellow, Health Hear from Rick Foster, chief actuary for the Centers for Medicare and Medicaid Services, talk about his career, as well as insight on his role at CMS, as follow up to his keynote address at the SOA’s 2011 Health Meeting.  Please share your comments on Rick’s remarks. (more…)

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14Jun2011
Author
ekessler
Category
Retirement
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Crumple zones, market crashes, annuitization and seat belts: better retirement savings by design Thumbnail

Crumple zones, market crashes, annuitization and seat belts: better retirement savings by design

by Emily Kessler, Senior Staff Fellow, Intellectual Capital I’ve learned a lot recently about automotive safety design – the hard way. I’m fine, but my 2003 Honda Civic Hybrid went to the auto graveyard about a year ago. Faced with an impact from a larger car whose driver didn’t realize, as she was merging from the high-speed express lane, just how much “stop” there was in the “stop and go” traffic of the local lane into which she was merging, my (late) car modeled crumple zone technology beautifully. The energy from the crash was absorbed by the left rear crumple zone, and with that and my seat belt I emerged shaken but damage free (the air bag never deployed because the frame wasn’t hit). But let’s be honest; I did the most important thing I could do in that accident to keep me safe: I wore my seat belt. Thanks to joint efforts of regulators, the insurance industry and the automobile industry, cars are much safer than they used to be, but no one can deny that the use of seat belts have saved thousands of lives. Better design of cars and roads has led to fewer injuries and fatalities, but the most important thing we can do as occupants to ensure our safety is to wear our seat belt. Pension actuaries don’t engineer cars, but we have been working to better engineer retirement systems. (more…)

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09Jun2011
Author
SOA Blog
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General
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Hot topics in health

As we prepare to host the 2011 Health Meeting in Boston on June 13-15, we invited several health actuaries to provide us with their perspectives on trends they’re seeing and what they’re excited about for the future and our profession. This is just the start of the conversation – follow the #SOAHealth11 hashtag on Twitter to get insights and information live from the meeting! (And in case you didn’t hear yet, the SOA is now on Twitter – follow us at SOActuaries.) Participants: David Axene, FSA, CERA, FCA, MAAA President, Axene Health Partners LLC Joan C. Barrett, FSA, MAAA Vice President and Actuary, National Accounts, UnitedHealthcare Alice Rosenblatt, FSA, CERA, MAAA Jim Toole, FSA, CERA, MAAA Managing Director of Life and Health, MBA Actuaries Inc. Q: Healthcare and health reform have been hot topics lately. How has this affected your work? Rosenblatt: Some of health reform has been “back to the future” for me. I am once again thinking a lot about risk adjustment. Axene: More people are asking questions as to what we think on issues. This week’s prime example: what small group underwriting practices will we (the client) have to stop to stay legal under reform. This client specializes in smaller group and small group market and has been quite profitable in this market. They are concerned that their business model will be significantly changed as a result of the changes in what it’s okay to do. (more…)

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08Jun2011
Author
rstryker
Category
General
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Fighting obesity and the role of an actuary Thumbnail

Fighting obesity and the role of an actuary

by Ronora Stryker, SOA Research Actuary In January, the SOA published the study “Obesity and its Relation to Mortality and Morbidity Costs” by a team led by FSAs Don Behan and Sam Cox. According to the study, the total economic cost of overweight and obesity is about $300 billion per year in the United States and Canada with 90 percent of the total being attributed to the United States. The figure breaks down into the following economic costs per year: Total cost of excess medical care caused by overweight and obesity: $127 billion Economic loss of productivity caused by excess mortality: $49 billion Economic loss of productivity caused by disability for active workers: $43 billion Economic loss of productivity caused by overweight or obesity for totally disabled workers: $72 billion When the study first came out, it garnered much attention from mainstream media. It is great to see (more…)

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