Commentary: The best health care plan you've never heard of
The Academy's Consumer-Driven Health Plan (CDHP) Work Group's recent study of emerging data on CDHPs was cited and discussed in op-ed.
The Academy's Consumer-Driven Health Plan (CDHP) Work Group's recent study of emerging data on CDHPs was cited and discussed in op-ed.
The Academy's Social Security Game was cited.
The Academy's Consumer-Driven Health Plan (CDHP) Work Group's recent study of emerging data on CDHPs was cited in op-ed on controlling health care costs.
The Academy's Life Practice Council Vice President Tom Campbell said that the actuaries are pleased that the National Association of Insurance Commissioners Life Insurance and Annuities Committee decided to adopt revisions to the Standard Valuation Law as it is a milestone toward implementing a principle-based approach.
In supporting the passage of the Standard Valuation Law (SVL), the Academy wrote to the National Association of Insurance Commissioners that the proposed revisions would help consumers by establishing "a reserve system that recognizes all the benefits, guarantees, and funding associated with life insurance contracts and their risks." The Academy also said that applying principle-based reserving principles to the SVL would define a framework to "enable companies to price products with reserves more closely aligned to the assumed risks."
Discussing health care reform, the Academy's Senior Health Fellow Cori Uccello said that if premiums for high-risk individuals do not adequately reflect the costs associated with the coverage, low-risk individuals will pay higher premiums to compensate. Without an effective and enforceable mandate, these low-risk individuals may choose to drop coverage.
The Academy said that the cost of living for single retirees is about 40 percent higher than for couples in an article about retiring as a single. Cost of living is higher for singles because couples can share housing and other expenses.
James Hurley, who represented the Academy's Medical Professional Liability Subcommittee during an Oct. 8 congressional subcommittee hearing, was quoted from his testimony. Hurley said the language in H.R. 3596 may preclude the collection, aggregation and analysis of data across companies. He said that as a consequence entities would not have credible data in making loss cost determinations and may lead to reduced availability of medical liability coverage, fewer willing insurers, less vigorous competition among those that do write the coverage and higher costs to the consumer.
The Academy's Pension Practice Council Vice President Tom Terry was quoted from an August 2008 press conference advocating that the retirement age for Social Security be increased. Terry said Social Security is facing a demographic problem that demands a demographic solution.
The Academy's Senior Life Fellow Nancy Bennett was quoted from her presentation during an Enterprise Risk Management conference. Bennett said that another systemic failure is possible and that whatever regulatory changes are made should be risk-management based.