Sr. Health & Benefits Actuarial Consultant - FSA or near-FSA

Company: MARSH & MCLENNAN COMPANIES, INC ( Learn More )

General Information
US-CA-Los Angeles
N/A
Not Specified
Full-Time
Not Specified
Not Specified
False
False
Job Description

The Employee Health & Benefits (EH&B) Actuarial Consultant will lead the accurate and timely data and financial analysis on various actuarial/financial projects for pricing of medical, dental, life and disability programs. A key part of this role is also to act as a project manager for actuarial projects as well as mentor more junior actuarial staff and oversee their basic actuarial work.

To fulfill this role, the Actuary will:

  • Provide financial analysis for more complex and/or larger clients, including more in-depth analysis for complex situations that require additional research or discussion with Mercer subject matter experts. For less complex and involved work, this oversees the analysis of more junior staff
  • Price and evaluate consumerism plans (high deductible health plans with provisions to create greater consumer awareness) using Mercer's internal pricing model to compare designs; results are typically presented to client as part of a strategy or plan design discussion
  • Analyze cost drivers by reviewing client's cost/utilization data and looking for year-over-year trends or comparisons to external benchmarks using data provided from client's vendor reports or raw data from external databases; key results are summarized and presented to client to help understand cost drivers and help modify plan design
  • Project retiree medical costs by entering the client's retiree cost and enrollment data for both pre-Medicare and post-Medicare; results are used by Retirement to develop retiree medical liabilities used by the client and their auditors for accounting purposes
  • Estimate the impact of Medicare part D legislation by entering retiree prescription drug data into Mercer's Part D pricing model and performing tests to determine whether a federal government subsidy is available to the client; results are included in a report to the client documenting the assumptions and results of the testing
  • Oversee the financial analysis work of a more junior analyst, including: perform basic cost projections by entering the client's cost and enrollment data into an Excel spreadsheet and projecting costs for the next plan year; analyze vendor renewals by checking carrier or vendor's plan rates for reasonableness and by analyzing claims and enrollment data, trend rates, administrative expenses and other charges; price medical and prescription drug plan designs by entering plan design information into Mercer's internal pricing model to develop the relative cost differences between plan designs, in order to compare the client's current plan to alternative designs; develop employee contributions scenarios by entering current employee medical contribution data into an Excel spreadsheet and project contributions to the next plan year, taking into account the cost-sharing goals of the client
  • Manage actuarial projects from start to finish including: manage the quality and timeliness of client deliverables; develop budgets and billing reports; act as a key client contact for financial work; prepare clear and concise client-friendly communications; present results to clients
  • Gain an expert level of understanding of the following, through online training, group sessions, or one-on-one training with others in a more senior role: Health and Benefits products, services and technical tools offered by Mercer; vendor/carrier markets; underwriting and actuarial skills; budget-setting, rate-setting and evaluation
  • Mentor and train more junior staff on the above
  • Qualifications BA/BS degree Minimum seven years of H&B or relevant actuarial experience required Strong analytical and mathematical skills; strong command of Excel Excellent interpersonal skills; strong oral and written communication skills Ability to prioritize and handle multiple tasks in a demanding work environment Strong critical thinking and analytical problem-solving skills Ability to work independently and on a team FSA credentialed or near-FSA At Mercer, we make a difference in the lives of more than 110 million people every day by advancing their health, wealth, and careers. We’re in the business of creating more secure and rewarding futures for our clients and their employees — whether we’re designing affordable health plans, assuring income for retirement or aligning workers with workforce needs. Using analysis and insights as catalysts for change, we anticipate and understand the individual impact of business decisions, now and in the future. We see people’s current and future needs through a lens of innovation, and our holistic view, specialized expertise, and deep analytical rigor underpin each and every idea and solution we offer. For more than 70 years, we’ve turned our insights into actions, enabling people around the globe to live, work, and retire well. We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. At Mercer, we say we Make Tomorrow, Today . Visit www.mercer.com for more information and follow us on LinkedIn and Twitter @Mercer. Mercer LLC and its separately incorporated operating entities around the world are part of Marsh & McLennan Companies, a publicly held company (ticker symbol: MMC). Marsh & McLennan Companies offers competitive salaries and comprehensive benefits. For more information about our company, please visit us at: www.mmc.com/. We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. For more information, please visit us at: www.mmc.com/diversity . Marsh & McLennan Companies and its Affiliates are EOE Minority/Female/Disability/Vet/Sexual Orientation/Gender Identity employers.
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