Health Actuary

NACBA; Austin (TX); Hybrid; USD 120,000 - 180,000; Full time

Job summary

Texas Teachers' Retirement System in Austin, TX is seeking a Health Actuary to lead actuarial analysis, own models, forecast financial impact of benefit enrollment and funding changes, and collaborate with the actuarial team. This hybrid role requires a dedicated professional to evaluate plan designs and provide recommendations to stakeholders.

The role also focuses on developing rates, preparing reports for TRS health programs, and supporting policy decisions in a dynamic public healthcare

Qualifications

• Bachelor's degree in actuarial science, finance, economics, statistics or related field.
• 3 years of progressively responsible actuarial experience in modeling, forecasting, or financial analysis.
• ASA designation required.

Responsibilities

• Owns actuarial models, key analyses, assumptions, and deliverables for health actuarial workstreams.
• Performs valuations, forecasting, experience studies, trend analyses, utilization studies, and financial impact assessments.
• Develops and validates models to evaluate healthcare costs, enrollment projections, and funding.
• Performs scenario analysis to quantify risks and test strategies.
• Documents methodologies, results, and limitations for transparency and auditability.

Skills

Actuarial modeling

Forecasting

Financial analysis

Risk assessment

Team collaboration

Education

Bachelor’s degree in actuarial science, finance, mathematics, economics, statistics or related field

Job description

The Health Actuary is responsible for performing actuarial analysis. The incumbent will serve as the owner of assigned actuarial models, evaluate the financial impact of benefit enrollment, funding and healthcare cost changes, and provide recommendation to stakeholders. This position will proactively work with the actuarial team, other Health staff, and agency employees.

This is a hybrid position at our Austin, TX headquarters. All applicants must reside in the state of Texas upon employment and continue to reside in Texas throughout employment with TRS.

WHAT YOU WILL DO:

Actuarial Analysis and Modeling

• Owns actuarial models, key analyses, assumptions, and recurring deliverables for assigned health actuarial workstreams.
• Performs actuarial valuations, forecasting, experience studies, trend analyses, utilization studies, and financial impact assessments.
• Develops, validates, and enhances actuarial models used to evaluate healthcare costs, enrollment projections, benefit changes, and funding requirements.
• Performs sensitivity testing and scenario analysis to quantify financial risks and evaluate alternative strategies.
• Reviews data sources, identifies anomalies, and ensures the completeness, accuracy, and reliability of actuarial analyses.
• Documents model methodologies, assumptions, processes, limitations, and results to support transparency and auditability.
• Refines assumptions, run scenarios, interpret model results, and document methods, rationale, limitations, and impacts.
• Develops rates for self-funded active and retired populations.
• Determines the impact of plan design and benefit changes on enrollment, utilization, and health care costs.
• Prepares statutory and legislative reports related to health care benefit programs.
• Develops data for reporting and analysis for all TRS health benefit programs.
• Analyzes data to identify emerging trends.
• Maintains and updates IBNR models.
• Researches benefit costs and suggest ways of controlling health care spending.
• Develops reports to help monitor the status of Accountable Care Organizations, value-based arrangements and other TRS initiatives.
• Reviews actuarial work performed by others.

Financial Analysis and Reporting

• Develops and updates financial models to evaluate the value of proposals for TRS-Care and TRS-ActiveCare services.
• Assists with the development of fund balance projections for TRS-Care and TRS-ActiveCare.
• Reviews and analyzes statistical and financial reports, including reports reflecting vendor credits, rebates and refunds expected and received; and reports monitoring the financial status of TRS-Care and TRS-ActiveCare.
• Develops financial models to evaluate the value of proposals for TRS-Care and TRS-ActiveCare services.

Actuary Recommendations

• Provides actuarial expertise to management regarding financial risks, program design alternatives, and policy decisions.
• Develops recommendations and presents analytical findings, assumptions, risks, and alternatives to stakeholders.
• Translates complex actuarial concepts into understandable business information for non-technical audiences.
• Participates in stakeholder meetings and serves as a subject matter resource on assigned actuarial projects.
• Supports decision-making through quantitative analysis and evidence-based recommendations.

WHO WE ARE

With the Health Division, you’ll be joining a passionate team of self-motivated change agents united by our mission: driving to design the delivery of high-quality healthcare for nearly three-quarters of a million active and retired Texas public educators.

The healthcare industry is complex and we’re a team of problem-solvers who are up for the challenge. With a focus on innovation and collaboration to catalyze the market, we spend more than $4 billion annually on healthcare to make a difference in our members’ lives. With a career at TRS, you’ll be empowered through a culture of continuous learning, front-line decision-making, coaching and mentorship to shape the future of our work, while transforming healthcare delivery for 1 in 41 Texans.

WHAT YOU WILL BRING:

Required Education

• Bachelor’s degree from an accredited college or university in actuarial science, finance, mathematics, economics, statistics or related field.

Required Experience

• Three (3) years of progressively responsible actuarial experience involving modeling, forecasting, financial analysis, risk assessment or related experience.

Required Registration, Certification, Licensure

• Associate of the Society of Actuaries (ASA) designation earned.

Preferred Qualifications

• Advanced degree in actuarial science, accounting, finance, mathematics, statistics, economics, or a related field.
• Experience in using statistical software, tools, and databases.
• Four (4) years of experience in the healthcare industry, insurance industry or employee benefits administration, especially with large group plans.