Michael Mak Email & Phone Number

Reisterstown, Md

Continuing Care Actuaries (CCA) has over 100 years of national experience in consulting to the Life Plan Community (CCRC) industry. Our actuaries are credentialed by the Society of Actuaries, the Conference of Consulting Actuaries, and the American Academy of Actuaries. We currently have two actuaries serving on the Actuarial Standards Board committee regarding ASOP 3 which addresses CCRC and At-Home Actuarial issues. CCA has performed actuarial analyses for over 450 CCRCs and at Home Programs, and we possess one of the largest databases of CCRC residents with over 800,000 life years of residential and health care data. We also have proprietary software for the amortization of entrance fees called LifeCalc Pro, and a financial underwriting software used to examine the risk of admitting prospective residents, Examiner Pro. CCA has extensive experience providing actuarial services to federal and state governments. We are the appointed actuaries for the State of West Virginia Public Employees self-funded plan and the West Virginia CHIP program. Additionally, we provided the actuarial and economic analyses when the State of West Virginia developed their health care exchange and audit the DoD retiree healthcare liability. CCA can meet and advise your senior management team, while complementing any outside consulting expertise you are currently receiving. CCA has extensive experience with self-funded health plans, stop-loss insurance coverage, claim liability reserves, audit and compliance including GAAP and STAT financial reporting, development of appropriate assumptions for valuing current and future liabilities, assessment of utilization and unit cost trends, valuations of capitation agreements and contracts, as well as new product development. CCA has also built and maintained Long-Term Care Insurance proprietary models and we have extensive expertise in calculating ALRs, DLRS and performing GPVs sensitivity scenarios. CCA can act as your appointed actuary.

Baltimore, Md

-Oversaw insurance program for the Finance Board of the State of West Virginia Insurance Agencies. -Ensured accuracy and reasonableness of the financial planning and budgeting activities to generate sufficient revenues to meet estimated insurance program and administrative costs, to eliminate future fiscal years’ deficit with 10% annual reserve target and to anticipate future financial challenges and new law changes.-Produced quarterly financial reports with 5-year projections and alternative scenarios to evaluate the assessment of proposed annual benefit changes and to maintain positive cash flow records and forecasts for the Finance Board of West Virginia Insurance Agencies.-Managed medical, dental and prescription drug claim in reserves and liabilities related Incurred But Not Reported (IBNR) calculation for the governmental and commercial insurers. -Administered monthly claims experience, produces detailed trend forecast analysis report.-Advised management of non-profit Continuing Care Retirement Communities (CCRC) nationwide in respect to future health care revenues and liabilities being in compliance with AICPA guidelines and state regulators, and ability to obtain regulatory approval of CCRC financial structure.-Analyzed CCRC’s long term financial responsibilities and evaluates CCRC’s financial condition. Generated comprehensive report with 20-year demographic and cash flow projections and pricing analysis, assured adequacy of financial feasibility for new and existing CCRC, recommended and resolved CCRC’s financial solvency issues to achieve in sufficient and stable financial position to meet their future obligations.-Completed an engagement with Centers for Medicare & Medicaid Services (CMS), formerly the Health Care Financing Administration (HCFA), in regard to the annual Medicare risk rate filings. Audited 40+ Adjusted Community Rate submissions to determine the compliance with regulatory health care policy requirements.