Actuarial Value

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Actuarial Value

In health insurance, the estimated percentage of a typical policyholder's medical bills that an individual plan is expected to pay. A policyholder may receive less than the actuarial value in coverage if he/she has few medical expenses (because the bills may not exceed the deductible) and may receive more than the actuarial value if he/she has numerous expenses. The actuarial value is considered a good baseline for the coverage most policyholders will receive most of the time. The Affordable Care Act of 2010 in the United States requires health insurance providers to calculate and publicize the actuarial value of each plan.
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This article shows how reliable actuarial values could be useful to consumers--allowing consumers to compare one plan's value with another--if such measures were to become available in the future.
If the city of Worcester continues with a pay-as-you-go approach, annually addressing only existing retiree health care costs instead of funding future retiree health care obligations, its liability increases each year as actuarial values rise and the actuarial value of assets remains static or declines,'' The Research Bureau stated in a recent briefing paper.
The one exception would be in a modeled bronze level insurance plan, which would require further benefit design changes to keep the plan in compliance with actuarial values.
For example, the median funded position, based on actuarial values of assets and liabilities of the 126 plans reported in the National Association of State Retirement Association Public Fund Survey, was more than 100 percent at the end of fiscal 2000; (5) it was 75.
We then explore the extent to which employers and employees will respond to the excise tax by choosing less-expensive plans with lower actuarial values.
Insurance market reform for individuals and small groups Minimum benefit package Bronze, Silver, Gold and Platinum with actuarial values of 60%-90%.
The development of actuarial values requires information on the deductibles, copayments, and other key plan parameters (e.
Actuarial values represent the percent of total covered expenditures paid for by that plan, averaged over the standard population.
The requirements for defined contribution schemes remain unchanged, but for defined benefit schemes, FRS 17 abandons the use of actuarial values for assets in a pension scheme in favour of a market-value-based approach.
0932 years of age at the valuation date, so the actuarial values in set C must be interpolated because there is a different value for ages 48 and 49.
HealthPocket also noted that the actuarial values requirements for the different categories of Obamacare health plans have not simplified the health plan shopping process as originally intended.
Essential benefits--The Senate bill requires the Department of Health and Human Services secretary to establish a standard of essential benefits that would be used to determine four types of coverage packages (bronze, silver, gold and platinum) of varying actuarial values.