The Academy provided various life expectancy and longevity statistics for average 65-year-old males and females to show that retirees may live a lot longer than they expect and could potentially outlive retirement savings.
The Academy was cited as source of various life expectancy and longevity statistics for average 65-year-old males and females.
The Academy was mentioned for warning about possible adverse selection issues with Community Living Assistance Services and Supports (CLASS) Act.
The Academy Medical Loss Ratio Regulation Work Group's letter to the National Association of Insurance Commissioners regarding the potential for disruption to the individual health insurance market resulting from new medical loss ratio requirements was discussed. The work group asked regulators to consider options for adjusting the medical loss ratio calculation method for individual market products.
An Academy white paper on systemic risk regulation was discussed and Academy Financial Regulatory Task Force Chairperson Jesse Schwartz was quoted from a related Academy news release. Schwartz said that a federal systemic risk regulator would be best-positioned to coordinate at a national level and across international lines to monitor and manage systemic risk.
The Academy was cited as the source of various life expectancy and longevity statistics for average 65-year-old males and females.
Academy board member Ron Gebhardtsbauer discussed different proposals to increase Social Security's retirement age, a reform option that the Academy has advocated should be included in any reform package.
The Academy's Senior Health Fellow Cori Uccello discussed the effects of bringing young people into the health care market -one of the most vital components of health care reform. She said that young people, on average, have lower medical spending costs and are a lower risk than older people. Uccello said that the new health care reform law brings in young people and that helps achieve a broad cross-section of risk and stabilizes the risk pool over time.
Academy Life Products Committee Chairperson Cande Olsen was quoted from her testimony to the National Association of Insurance Commissioners during a May 20 public hearing regarding stranger originated/owned life insurance (STOLA). Olsen told commissioners that if the selling of variable annuity contracts with guaranteed minimum death benefits to terminally ill people becomes more prevalent, companies will need to increase charges or institute underwriting because of the additional risks and their costs.
The Academy Medical Loss Ratio Regulation Work Group's April 28 letter to the National Association of Insurance Commissioners (NAIC) regarding the potential disruption to the individual health insurance market resulting from new medical loss ratio requirements was cited in the NAIC's report to the U.S. Department of Health and Human Services. The NAIC cited scenarios described by the Academy on ways that inappropriate medical loss ratio requirements could disrupt the individual market prior to 2014.
