Below is a list of current edition errors. If you notice any errors, please let us know by email at mateseminars.dc@gmail.com.

Group and Health Design & Pricing study materials

While summarizing the new papers that were added to the Spring 2023 DP syllabus, there was an oversight that was published in the MATE Outline due to operational procedures. The summary for Eaton chapter 6 was not complete. We have added the completed chapter to the 2nd edition of the Spring 2023 DP manual. If you have a copy of the 1st edition (the 1st edition does not have any indication of edition on the cover page, whereas the 2nd edition does), please disregard the Eaton chapter 6 content and instead reach out to us to get the correct Eaton chapter 6 summary. There is no other content that needs any changes, i.e., the Lists, Notecards, and ANKI are correct.

Notecards 174 and 196b had blank backs and they should have the following information printed on the back side:

Notecard # 174

Individuals eligible for Medicare coverage

1. Aged – at least age 65 and eligible for Social Security or Railroad Retirement benefits
2. Disabled – entitled to Social Security or Railroad Retirement disability benefits for at least two years
3. End-stage renal disease (ESRD) – insured workers with ESRD, including spouses and children with ESRD
4. Some other aged and disabled individuals who pay mandatory premiums

Notecard # 196b

Impact of regulations on the Medicare Advantage (MA) program (continued)

4. The ACA made dramatic changes to MA:

 a) MA plans suffered cuts of $136 billion over 10 years

 b) A new payment methodology was introduced, reducing county benchmark rates to between 95% and 115% of FFS Medicare rates

 c) Bonus payments were introduced for plans that achieve at least four stars under a new star rating system. High-quality plans will receive a bonus of 5% of the new benchmark payment rate, with certain counties being eligible for double bonuses. Rebates were also tied to quality ratings (described in a separate list).

 d) A minimum medical loss ratio standard of 85% was also imposed

 

Group and Health Valuation & Regulation – US study materials

There are currently no errata for these materials

 

Group and Health Valuation & Regulation – Canada study materials

There are currently no errata for these materials

 

Group and Health Risk Mitigation study materials

 Some notecards were printed without information printed on the backs.

Notecard 200a should have the following information printed on the back side:

Considerations when selecting a risk adjustment model

1. Intended use – consider the degree to which the model was designed to estimate what the actuary is trying to measure
2. Impact on program – consider whether the risk adjustment system may cause changes in behavior because of underlying incentives
3. Model version – if a new version of a previously-utilized model is used, consider the materiality of changes to the model
4. Population and program – consider if the population and program to which the model is being applied are consistent with those used to develop the model
5. Timing of data collection, measurement, and estimation – consider the impact of timing differences between when the model is developed and when it is applied

 

Notecard 200b should have the following information printed on the back side:

Considerations when selecting a risk adjustment model (continued)

6. Transparency – consider whether the model provides an appropriate level of transparency for the intended use
7. Predictive ability – consider the predictive ability of the model and the characteristics of the various common predictive performance measures
8. Reliance on experts – consider whether the individuals incorporating their specialized knowledge into the model are experts in risk adjustment
9. Practical considerations – consider practical limitations, such as the cost of the model, the actuary’s familiarity with the model, and its availability

 

 

 

 

 

Old Exam System – Errata

Group and Health Finance & Valuation US study materials

MATE Outline Page 332

The initial syllabus released by the SOA had an over sight on the page selection for Skwire chapter 8, Retiree Group Insurance. I anticipated the mistake because the pages they initially published would have cut out some important COB material. I left all of that COB content in the Fall 2022 materials, and I provided some commentary at the top of the chapter in the Manual. The SOA has since confirmed that pages for that chapter should have been 120-131. These are the exact pages that I used for the content of our Fall material. There is nothing extra you need to look at as long as you read all of the material in our manual for Skwire chapter 8.

 

MATE Outline Page 10

Section: Reserve methodology for IBNR claims: 1. a) iv)

Reads: The IBNR reserve factor can then be multiplied by 2018 earned premium to produce the IBNR reserve as of 12/31/2020

Correction: The IBNR reserve factor can then be multiplied by 2020 earned premium to produce the IBNR reserve as of 12/31/2020

 

MATE Outline Page 145

Section: Medicare: 2. b) i) a.

Reads: The standard premium was $144.20 per month in 2020. Higher-income individuals must pay an additional premium ranging from 35-80% of total cost, depending on their income.

Correction: The standard premium was $144.60 per month in 2020. Higher-income individuals must pay an additional premium ranging from 35-80% of total cost, depending on their income.

 

MATE Lists, page 29/ Note cards, # 99  / ANKI, #99

List: Types of Medicare coverage : 2. a)

Reads: Requires a monthly premium ($99.90 in 2012, except higher for high incomes)

Correction: Requires a monthly premium ($144.60 in 2020) except higher for high incomes)

 

Group and Health Finance & Valuation Canada study materials

There are currently no errata for these materials

Group and Health Specialty study materials

There are currently no errata for these materials