It is no secret that healthcare in the United States remains one of the most complex and debated topics in both public policy and the insurance industry. For students preparing to enter actuarial and risk management careers, understanding the drivers of healthcare costs and coverage is essential. To foster this learning, the Co-Curricular Learning Board (CCLB) hosted a special event focused on healthcare.
On Tuesday, November 18, more than 80 students and 11 company representatives gathered to discuss healthcare in the United States. The event united actuarial science, risk management and insurance, and other interested students with representatives from the CCLB companies American Family Insurance, M3 Insurance, Milliman, and TruStage (Swiss was not able to attend) who shared valuable professional insights during the discussions.
This event featured presentations by Assistant Professor Stuart Craig, Associate Professor Dan Sacks, and Milliman Actuary Theresa Fryjoff, FSA, MAAA. Presenters explained why the U.S. spends far more on healthcare than other countries, including how hospital mergers negatively impact competition driving prices higher. We learned how different individuals obtain insurance, and that most plans are in some way sponsored by private insurance companies, even many government programs. Lastly, we dove into how the government’s role affects these programs and how decisions are made about coverage.
For me, the biggest takeaway from this event is that there is no correct solution to many of these problems with the system, and that in the future it will be part of my job to answer some of these questions. Should we give up medical innovation like new technologies and drug trials for severe conditions to try to improve the baseline care? Should the Medicaid coverage be determined by the state, or federal government? Should new drugs such as GLP-1 be included as a coverage for these government programs, or should we wait to see the long-term effects first? These are all questions that were discussed at this event along with many more.
This event was especially helpful for me as I aspire to be a health actuary potentially answering some of these hard-hitting questions. It was the perfect opportunity to pick the brains of those currently dealing with these industry changes as well as those who in the future will be assessing these situations. Overall, this experience reinforced my commitment to pursuing a career in health actuarial work and highlighted the importance of continued learning and collaboration in addressing the challenges of our healthcare system. Thanks to the CCLB for hosting events like this to not only deepen our understanding of the industry but also prepare the next generation of students to lead with insight and innovation.
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