AmericanAcademyOfActuaries

The Academy's Jan. 14 letter to congressional leaders regarding merging House and Senate health care reform legislation was cited. The Academy expressed concerns regarding the ability of the individual health insurance coverage mandate to effectively limit adverse selection.

An Academy letter to congressional leaders regarding negotiations to combine House and Senate health care reform legislation was quoted. The Academy said that financial penalties in both Senate and House bills are fairly weak compared to the coverage costs and that lower-risk individuals could be more likely to pay the penalty and forgo coverage, putting upward pressure on premiums.

Academy Senior Pension Fellow Frank Todisco discussed increasing the retirement age as part of any reform package for Social Security.

Academy Senior Pension Fellow Frank Todisco discussed how cashing out a 401(k) plan before retirement jeopardizes a worker's future financial security, particularly if that worker does not have a traditional defined benefit pension plan.

An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.

An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.

An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.

An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.

An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint work group of the Academy and Society of Actuaries was cited.

The Academy was cited in an op-ed by Rep. Joe Courtney. The Academy noted that an excise tax on employer-sponsored health care coverage would more accurately target overly generous plans if it were based on plan benefits rather than a premium dollar threshold, because premiums are also based on other factors such as geography and age.

Actuaries landed at the top spot of a newly released study ranking the 200 best and worst jobs in the U.S. The study was commissioned by CareerCast.com and the rankings were compiled by Les Krantz, author of "Jobs Rated Almanac."

Academy Senior Life Fellow Nancy Bennett wrote that actuarial principles should be an essential element for a new systemic risk regulatory framework. Bennett expanded upon this concept and provided an overview of the Academy's white paper, "Concepts for Successful Regulation of Systemic Risk."

Steve Schoonveld, a member of a joint Academy and Society of Actuaries work group, said adverse selection issues with the Community Living Assistance Services and Supports Act (CLASS Act) will cause premiums to be exceptionally high.

The Academy's Life Practice Council's Dec. 14 webcast on principle-based approach updates from the December 2009 National Association of Insurance Commissioners meeting was recapped along with comments made by panelists.

On-air guests referred to the Academy's letter to Congress regarding the Community Living Assistance Services and Supports Act (CLASS Act), which included an actuarial analysis conducted by a joint work group of the Academy and Society of Actuaries. Scott Harrington, professor of health-care management and insurance and risk management at the University of Pennsylvania's Wharton School, said that the Academy had found that the premiums required to keep the program self-sustaining would be high and that most people will opt not to participate.

Academy Senior Pension Fellow Frank Todisco discussed how to protect against risks that could face retirees. Todisco said that "longevity insurance," which protects against the risk of outliving assets in retirement, can be obtained affordably by deferring the start of collecting Social Security benefits.

Comments by Steve Schoonveld, a member of a joint Academy and Society of Actuaries work group, were included in a report on the Community Living Assistance Services and Supports Act (CLASS Act), a health care reform provision that proposes a federal long-term care program. He said changes to the provision are in the right direction but that that there is still plenty of room for improvement.

An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint work group of the Academy and Society of Actuaries was cited. The CLASS Act is a health care reform provision that proposes a federal long-term care program.

Academy Senior Health Fellow Cori Uccello was quoted from an Academy issued news release that included comments to senators on health care reform legislation. Uccello and the Academy urged senators to strengthen the individual health insurance coverage mandate and said that an effective and enforceable mandate would minimize adverse selection stemming from more restrictive issue and rating rules prescribed by the bill.

An Academy letter to Congress that included an actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) and recommendations on improving this long-term care program provision was cited. The actuarial analysis was conducted by a joint work group of the Academy and Society of Actuaries.

Academy Health Practice Council member Geoffrey Sandler was quoted from his July 2008 testimony to the National Conference of Insurance Legislators regarding extending dependent health benefits to young adults. Sandler had told state legislators that increasing coverage to young people age 19 to 25 will increase claims.

An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint American Academy of Actuaries and Society of Actuaries work group was cited. The CLASS Act is a health care reform provision that proposes a federal long-term care program.

An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint American Academy of Actuaries and Society of Actuaries work group was cited. The CLASS Act is a health care reform provision that proposes a federal long-term care program.

A new technical report prepared by a joint work group of the American Academy of Actuaries and Society of Actuaries that includes start-up capital requirement estimates under different scenarios for health insurance co-operatives and a public plan option was discussed.

An upcoming report by a joint work group of the Academy and Society of Actuaries on projected start-up capital requirements for health insurance co-ops and a public plan option was discussed during recent segment on health care reform. The Academy's Senior Health Fellow Cori Uccello was featured during segment.

Considerations detailed in an Academy letter to Congress, which included an actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint Academy/Society of Actuaries work group, were referenced in an article on health care reform. The CLASS Act is a health care reform provision that proposes a federal long-term care program.

An actuarial analysis conducted of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint Academy/Society of Actuaries work group was cited in an op-ed by American Council of Life Insurers President Frank Keating. The CLASS Act is a health care reform provision that proposes a federal long-term care program.

The Academy's Health Practice Council Vice President Al Bingham was quoted on the need for an effective and enforceable mandate to reduce adverse selection and keep the health care system viable. The Academy called for a mandate to be implemented "in conjunction with, or at least not too long after" new coverage regulations.