Medicare’s Financial Condition: Beyond Actuarial Balance
This issue brief examines the 2024 Medicare Trustees Report. It finds, in part, that changes are needed to improve Medicare’s long-term solvency and sustainability. Delaying corrective measures would increase the burden that might be imposed on beneficiaries and taxpayers. Any changes aiming to improve Medicare’s financial condition should be considered in light of how they would impact the program’s ability to meet the health care needs of beneficiaries.
Discrimination: Considerations for Machine Learning, AI Models, and Underlying Data
Algorithmic predictions are promising for insurance companies to develop personalized risk models when engaged in insurance pricing and underwriting. In this context, issues of fairness, discrimination, and social injustice might arise. As the use of predictive models and similar automated tools increases, there has been enhanced regulatory scrutiny around the effectiveness of modern techniques to safeguard against discriminatory outcomes that exacerbate preexisting social and economic inequalities. During this webinar, our speakers—members of the Academy’s Data Science and Analytics Committee—discussed discrimination in insurance and present practical methods for testing and monitoring of algorithms to address regulatory and societal concerns.
Academy Task Force Plays Role in Getting Better Handle on Mental Health and Well
May marks the 75th anniversary of the creation of Mental Health Awareness Month, which focuses on the vital role mental health plays in our overall well-being. It also serves as an opportunity to provide resources and information to support the more than one in five U.S. adults who have experienced mental health illness, according to the National Alliance on Mental Illness (NAMI).
Election Issues 2024—The Academy Weighs In
THE AMERICAN ACADEMY OF ACTUARIES’ MISSION during its nearly 60 years of existence has focused on public policy. During this national election year, the Academy is devoting attention to the expertise of its volunteers to highlight six key issues that are frequently raised by elected officials and the public. These issues are not new to actuaries—in fact, they’ve been on the Academy’s priority list for years and continue to hold heightened interest. What may not be as evident, particularly for those seeking office, is the analysis and evaluation of proposed solutions to some of these issues that reflect some of the nation’s most pressing problems.
Actuary Voices Podcast with Becky Sheppard
Becky Sheppard joins Actuary Voices to discuss the benefits of volunteering with the Academy, including a wide range of experiences and perspectives through networking. Becky is the co-chairperson of the Health Equity Committee, examining actuarial practices and methods that may affect health disparities.
With the election in mind and the Academy’s mission to serve the public and the U.S. actuarial profession, the Academy in 2024 will be highlighting several mega issues: Social Security, health care, artificial intelligence (AI), climate risk, cyber, and risk management.
The Social Security Committee released an updated monograph and issue brief on individual equity and social adequacy as those principles apply to Social Security reform options. The monograph and issue brief compare three different Social Security reform proposals using individual equity and social adequacy—two of the important principles underlying the program—and provide details on each of the proposals and examine the data used in the illustrations.
Hill Visits Spark Interest From Volunteers, Policymakers About What’s Possible
Thirty volunteers convened in Washington, D.C., on April 18–19, where they met with congressional offices, federal agencies, and other stakeholder groups to discuss our shared priority issues and highlight the plethora of resources that the Academy offers to policymakers and other experts in the field.
Introducing the Academy’s Election 2024: Issues Clearinghouse
The Clearinghouse will offer a comprehensive entry point to a variety of information that will help policymakers, the public, and others better understand the underlying issues and perspectives that may help lead us to better policy solutions. Read more about this new feature in the latest blog post from Actuarially Sound.