Description: Exploration of sources of volatility in retiree health valuations, noting how volatility arises and might be mitigated, with discussion of valuation parameters more problematic for retiree health benefits than for pensions. Three significant influences on retiree health valuation volatility are covered-- changes in benefit level, fluctuations in cost level, and alterations in eligibility for, or duration of, benefit – and attention focused on the last two. Specific conclusions result in recommendations, which are supported by practical examples contrasting volatile measurement results with those likely from the recommended practices. Theoretical discussion includes health claim variation, health trend usage, financial economics, option pricing, discount rates, and deterministic vs. stochastic modeling.

Description: The medical scheme approach adopted by several African countries has failed to meet the needs of those in informal employment and rural communities. This is partly due to affordability amongst these individuals as well as a lack of awareness of how healthcare financing products work. Community based healthcare organisations have achieved greater levels of success in this regard by carefully incorporating the peculiarities of communities in benefit design and involving community members in the management of these healthcare solutions. There are lessons to be garnered from the countries where these have been implemented with some level of success. Even as countries aim towards universal health coverage, observing the unique needs of different communities within a country is essential to ensure resources are utilised efficiently and that healthcare needs are targeted effectively.

Description: The article discusses the sustainability of the ACA individual market from a public entitlement standpoint. A key point of measuring sustainability is the reliance on market forces rather than federal budget constraints. The article explains why an actuarial viewpoint of sustainability is necessary to a greater extent than other public assistance and social insurance programs. The article challenges actuaries to be a bold, objective voice in a space that is full of opinionated but often uninformed viewpoints.

Description: This article is the second in a two part series that summarizes a longer paper that can be downloaded from the website of the Social Insurance and Public Finance Section. Both articles take the form of a point-counterpoint dialogue addressing important aspects of social insurance programs. The first part discussed their nature, desirability and advantages, as well as whether they can form a framework to achieve sustainable inter-generational equity. This article focuses on whether pre-funding of a social insurance program can occur and can contribute to the financial security of the participants. Fundamental differences of opinion exist regarding these programs, not only due to different personal and political values, but also as a result of the viewpoint taken (for example, assessment of the program in isolation, consideration of the sponsoring government's financial situation, or the overall national economy).

Description: The author explores the issue of longevity risk with its implications for life insurers and society at large, and concludes that the actuarial profession is in a unique position to understand longevity risk and offer solutions.

Description: This paper discusses the proposed compulsory savings program combined with transparent investment vehicles designed to promote competition based on expense levels, fund performance and customer service. At retirement 50% of the account is annuitized in Participating Variable Annuity (PVA) backed by TIPS. All investment experience, expenses, and pooled longevity experience is passed to annuitants through periodic benefit adjustments. Annuities are priced uniformly based on age at commencement.

Description: This session is about the details of the inception and implementation of the Oregon Health Plan. From Record of Society of Actuaries Vol. 18, No. 1B.

Description: Diverse Risks 2016 Call for Essays

Description: The "feel free" strategy helps retirees understand when they can retire, how much they can spend and how much guaranteed income they might want. The approach is very simple - divide your age by 20 and feel free to spend that percentage of your savings in a year.