The Actuarial Challenge elicited innovative ideas and proposals from informed actuaries to move the individual health insurance market further toward the goal of universal access to quality health services and providers in a financially secure and stable way. Actuaries considered the costs the solution places upon individuals, employers, healthcare providers, taxpayers, and other health sector stakeholders.
The results of the Challenge are now available. Fourteen proposals were submitted by teams of actuaries. A panel of actuarial judges chose five for which simulation modeling was conducted by Milliman. The results for those five proposals indicate the possibility of a significant drop in the number of uninsured people under four of the proposals and reductions in total out-of-pocket costs (premium and benefit cost-shares) from 6 percent to 45 percent.
"The release of the challenge results is timely, given the current prominence of individual market reform as a policy issue," said
The analyses illustrate the impact of each proposal on health plan issuers, health care providers, employers, and on funds needed from government or other sources to make these reforms successful. Results are shown on both a total dollar basis and a per member basis.
Those interested in more information about the Actuarial Challenge, the results mentioned above, and the specific proposal papers submitted by each participating team should visit the Actuarial Challenge website at http://challenge.actuary.org/ or contact the Challenge at [email protected].
The proposals expressed in the submitted papers do not necessarily reflect the views of the
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. It is the leader in providing actuarial consulting services to the health industry, helping clients balance competing priorities in today's healthcare environment. For further information, visit www.milliman.com.
For more than 40 years the
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