The latest global health epidemic, COVID-19 also known as the pandemic caused a lot of havoc, mayhem and wide spread destruction throughout the world. Most people like to minimize the risk associated with a crisis, national disaster and yes, global pandemics.
Glassdoor estimates that the average salary for a Healthcare Insurance Actuary is about $116,000 annually! The average salary for an Actuary Healthcare is $115823 per year in US. Click here to see the total pay, recent salaries shared and more!
It is often found that insurance companies are the primary employers of actuaries. The data that is particularly useful for acturaries working in the insurance industry is related to death. For example, the will analyze the likelihood that a person of a particular age (or age range) will die within the next year should an event occur. This data point is known as an “age-specific mortality rate.”
But you may also find an Actuarial Scientist employed in other industries where large corporations abound, in global non-governmental organizations and throughout governmental agencies. It is often found that an actuary is someone that usually is employed by an insurance company. During times of uncertainity that an acturary is invaluable.
Healthcare Insurance Actuary Job Responsibilities
What does an actuarary do? The U.S. Department of Labor, Bureau of Labor Statistics explains that an acturary, or one who has expertise in Actuararial Science is a person who undertakes the analysis of the financial costs associated with risk and uncertainity. Actuararial Scientists are skilled in the uses of math, statistics and the theory of financial planning to assess the levels of risk related to events.
For this reason, a healthcare insurance actuary is helpful in the public health sector as governments seek to develop social assistance, public health and social responsibility programming. In this regard, actuaries were instrumental in analyzing data for the U.S. Center for Disease Control, as reported by the Society of Acturaries (SOA), to demonstrate that the average life expectancy of Americans dropped primarily due to the effects of Covid-19.
Healthcare Insurance Actuary Job Responsibilities
Here are the specific job responsibilities adapted from MHA Online indicates that a healthcare insurance actuary is expected to fulfill on a daily basis:
- Use mathematical data, statistics, formulas and computer algorithums to estimate financial uncertainty
- Determine with skillful calcuations, the estimated cost of health insurance premiums based on reported health data
- Project financial data using patient healthcare data such as family medical history, geographical location, race, occupational risk factors, and age
- Develop and implements solutions to mitigate the financial challenges associated with mortality, life expectancy, disease, and accidents
- Make recommendations on the design healthcare plans
- Advocate and lobby govenmental agencies on the design and implementation of healthcare policies, programs and minimum coverage mandates
- Identify the reasons for potential cost increases for health insurance
Healthcare Insurance Actuary Job Responsibilities
Related jobs with similar skills required are as follows: