Job Description for a Healthcare Actuary
Health care actuaries specialize in the evaluation, quantification and management of risk in the health care industry, according to the Casualty Actuarial Society. With the desire to contain health care costs remaining strong in today's industry, health care actuaries evaluate the risks associated with new medical issues such as the impact of new diseases, according to the Bureau of Labor Statistics. Their work facilitates change in health care delivery and financing.
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Duties
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Health care actuaries conduct statistical analysis to calculate the cost of future risks in the health care market. They then propose new financing or health care delivery arrangements. For example, they might price alternative health care plan designs, according to Deloitte Consulting in Minnesota. Health care actuaries supply information to health care providers, health plans or government purchasers such as Medicaid. These individuals participate in meetings, and gather and disseminate information to the appropriate decision makers through presentations and reports, according to HIP Health Plans in New York.
Skills
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Health care actuaries must have strong written and oral communication skills, as well as analytical, quantitative and public-speaking skills. These professionals should be able to work well with others, as they may collaborate with other professionals such as underwriters or marketing employees, according to CIGNA Health Care in Connecticut. In addition, health care actuaries should have good time-management skills and be quick-thinking and strategic planners. Health care actuaries must be organized and willing to adapt to frequent legislative and regulatory changes in this field.
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Environment
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Health care actuaries, like other types of actuaries, have desk jobs and usually work in comfortable offices. Many of these professionals work at least 40 hours a week but might have to travel as well, according to the Bureau of Labor Statistics.
Education
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Health care actuaries usually need a bachelor’s degree with a strong background in mathematics and statistics. Undergraduate and graduate degree programs are available in actuarial science. Some companies prefer an individual who is a Health Associate of the Society of Actuaries or a Fellow of the Society of Actuaries, according to DW Simpson Global Actuarial Recruitment in Illinois. Other employers require job candidates to have several years of actuarial consulting and health care experience. Before becoming a fully qualified actuary, an individual must pass several examinations from professional organizations over a period of five to 10 years, according to State University.com. Many college students complete at least the first two exams while still in college to give themselves an employment advantage when they graduate.
Outlook and Compensation
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Employment of actuaries, including health care actuaries, is expected to climb by 21 percent between 2008 and 2018, according to the Bureau of Labor Statistics. Increased regulation of managed health care companies will cause employment growth. The average salary for this position was $72,000 in 2010, according to SimplyHired.com.
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