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Thread: Health care reform and the job market

  1. #1
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    Health care reform and the job market

    How do you all think the reform will affect the job market for actuaries?

    Most of the summarized literature on the bill I can find suggests that insurance companies will not be able to charge more to people with pre-existing conditions or deny coverage. I may be reading it wrong, but it would seem as if that would eliminate the need to assess risk... At that point, wouldn't insurance finance just be an exercise in cost accounting?

    Any thoughts?

  2. #2
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    I've been hearing/wondering the same exact thing. CNN/MSNBC is on 24 hours a day it seems at my house.

    If anybody has some thoughts/opinions/insights on this I would appreciate hearing them as well

  3. #3
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    It kinda scares me...I'm currently studying for my exam FM, but once I start looking for jobs in a couple months, I will target fields not related to health care (ie: life, pension, etc) just to try to be on the safe side.

  4. #4
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    Quote Originally Posted by scottrf8 View Post
    It kinda scares me...I'm currently studying for my exam FM, but once I start looking for jobs in a couple months, I will target fields not related to health care (ie: life, pension, etc) just to try to be on the safe side.
    You think pension is safe? Even before this bill people shyed away from pension for good reasons...

    Anyways if they only mandate not denying for pre-existing then all insurers will be '''''ed the same way and it will balance out. Insurers will lose some revenue, insured will pay more. If the min LR passes and it's outrageous, it will drive smallers insurers out. Depending on how outrageous, will decide who goes out of business.

  5. #5
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    I've heard some health consulting firms are booming right now. We'll see what happens in the long run, but in the short run, there may be increased demand for health consulting while everybody figures out what the new legislation means for them.

  6. #6
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    My concern isn't that the insurance companies go out of business; I highly doubt they will. The smaller ones might, but the big guys won't fall.

    I'm afraid that this bill will eliminate a lot of the demand for actuaries in health insurance. I mean, if you cannot change rates for people with pre-existing conditions or gender, you'll be assessing a lot less risk. I didn't see anything about age, socioeconomic status, height, or weight, but I didn't look that hard. I'm going to do my best to find out.

    I didn't want to go into health. My concern is that if health actuaries lose positions, it will flood the job market in other areas with more experienced people, making it harder for someone like me to find a job.

    I too am studying for FM. Hopefully something comes out about this before I work too hard...

  7. #7
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    Like I said, if they ''''' everyone over equally, it won't have as much of an effect unless they institute min LRs. Until then, this can't be worse than government trying to do Medicare and then running back to private insurers asking them to manage care.

  8. #8
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    More people will buy health insurance. Many of those will have pre-existing conditions, others will be low-income first-time buyers. More actuaries will be needed to recalculate the rates for the increased risk.
    I thought this WAS a real job

  9. #9
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    Quote Originally Posted by JMO Fan View Post
    More people will buy health insurance. Many of those will have pre-existing conditions, others will be low-income first-time buyers. More actuaries will be needed to recalculate the rates for the increased risk.
    I would think low income would still go for Medicaid...

  10. #10
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    You'll have to forgive me for my ignorance, but what is a min LR? I'm more or less pursuing actuarial science on my own, so I'm not exposed to much beyond what I have studied for my exams. Fortunately, there are a few grad students at my university that are stepping up in absence of a real program, but I'm still not exposed to nearly as much as those in a school with a degree in the field.

    The poor will still be on Medicaid. In fact, they're expanding it to cover even more people, which is part of the reason a bunch of the states are in a fit right now.

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