Every human being at some point in their lives will require access to health care – and as Canada’s health landscape continues to evolve in terms of costs, demographics, demand and treatment options – actuaries play a key role in assisting employers and governments alike in managing their programs to support Canadians.
Using a blend of mathematics, statistics and financial theory, actuaries working in the health industry highlight and help mitigate financial risk. They:
- establish insurance premium rates based upon reported health data;
- evaluate the cost of medical programs;
- help employers develop comprehensive benefit programs, including medical and dental; and
- ensure benefit programs are sustainable and that employees are extracting high-value benefits for the right cost.
Canadians can rely on the expertise of actuaries to provide people with adequate and financially sound health care coverage.