Health Actuaries are responsible for assessing financial risk and calculating premium costs for healthcare and insurance companies. They are involved in analyzing statistical data and marketplace trends, reviewing plan reserves, preparing rate files, and creating aggregated health data-based monthly reports. A Health Actuary will study and interpret medical patterns to uncover opportunities to manage risk. They must keep abreast of current legislation to ensure the company abides by legal guidelines. A good Actuary uses a combination of professional judgment, logical reasoning, and mathematical modeling.
What is a Health Actuary?
What Does a Health Actuary Do
There are certain skills that many health actuaries have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed computer skills, math skills and problem-solving skills.
How To Become a Health Actuary
If you're interested in becoming a health actuary, one of the first things to consider is how much education you need. We've determined that 70.6% of health actuaries have a bachelor's degree. In terms of higher education levels, we found that 23.5% of health actuaries have master's degrees. Even though most health actuaries have a college degree, it's impossible to become one with only a high school degree or GED.
Average Salary for a Health Actuary
Health Actuaries in America make an average salary of $99,496 per year or $48 per hour. The top 10 percent makes over $201,000 per year, while the bottom 10 percent under $49,000 per year.
Average Health Actuary Salary
$99,496 Yearly$47.83 hourly
$49,000
10 %
$99,000
Median
$201,000
90 %
What Am I Worth?
States With The Most Health Actuary Jobs
Mouse over a state to see the number of active health actuary jobs in each state. The darker areas on the map show where health actuaries earn the highest salaries across all 50 states.
Average Salary: Job Openings:
Number Of Health Actuary Jobs By State
| Rank | State | Number of Jobs | Average Salary |
|---|---|---|---|
| 1 | California | 2,703 | $106,054 |
| 2 | Texas | 1,440 | $94,696 |
| 3 | Ohio | 1,051 | $93,326 |
| 4 | North Carolina | 980 | $105,209 |
| 5 | Washington | 898 | $112,759 |
| 6 | Indiana | 846 | $92,476 |
| 7 | Massachusetts | 824 | $115,157 |
| 8 | Minnesota | 725 | $89,481 |
| 9 | Virginia | 723 | $110,272 |
| 10 | Tennessee | 661 | $80,082 |
| 11 | Arizona | 621 | $83,456 |
| 12 | Wisconsin | 594 | $118,685 |
| 13 | Missouri | 575 | $112,918 |
| 14 | South Carolina | 535 | $68,310 |
| 15 | Maryland | 507 | $111,290 |
| 16 | Alabama | 443 | $96,534 |
| 17 | Colorado | 429 | $88,338 |
| 18 | Kentucky | 338 | $104,127 |
| 19 | Iowa | 336 | $100,654 |
| 20 | Arkansas | 317 | $76,931 |
| 21 | Oklahoma | 307 | $76,858 |
| 22 | Louisiana | 305 | $69,084 |
| 23 | Kansas | 248 | $83,584 |
| 24 | Utah | 185 | $97,109 |
| 25 | Idaho | 178 | $106,394 |
| 26 | Mississippi | 169 | $95,006 |
| 27 | Nebraska | 144 | $83,288 |
| 28 | Nevada | 136 | $105,995 |
| 29 | Vermont | 102 | $115,052 |
| 30 | New Hampshire | 100 | $113,449 |
| 31 | Delaware | 90 | $114,261 |
| 32 | Rhode Island | 82 | $110,600 |
| 33 | Hawaii | 80 | $60,926 |
| 34 | South Dakota | 75 | $68,787 |
| 35 | North Dakota | 71 | $106,771 |
| 36 | Wyoming | 58 | $69,738 |
| 37 | New York | 51 | $106,780 |
| 38 | Connecticut | 25 | $112,827 |
| 39 | Illinois | 24 | $107,297 |
| 40 | New Jersey | 22 | $102,857 |
| 41 | Florida | 20 | $94,354 |
| 42 | Pennsylvania | 20 | $91,947 |
| 43 | Georgia | 19 | $99,579 |
| 44 | Oregon | 10 | $99,858 |
| 45 | Michigan | 5 | $95,826 |
| 46 | Maine | 4 | $119,480 |
| 47 | New Mexico | 3 | $97,652 |
| 48 | Montana | 3 | $68,938 |
| 49 | Alaska | 2 | $124,634 |
| 50 | West Virginia | 1 | $103,589 |
Top Colleges for Health Actuarys
1. Stanford University
Stanford, CA • Private
In-State Tuition
$51,354
Enrollment
7,083
2. University of Pennsylvania
Philadelphia, PA • Private
In-State Tuition
$55,584
Enrollment
10,764
3. Northwestern University
Evanston, IL • Private
In-State Tuition
$54,568
Enrollment
8,451
4. University of Notre Dame
Notre Dame, IN • Private
In-State Tuition
$53,391
Enrollment
8,568
5. Columbia University in the City of New York
New York, NY • Private
In-State Tuition
$59,430
Enrollment
8,216
6. University of Michigan - Ann Arbor
Ann Arbor, MI • Private
In-State Tuition
$15,262
Enrollment
30,079
7. Harvard University
Cambridge, MA • Private
In-State Tuition
$50,420
Enrollment
7,582
8. University of California - Los Angeles
Los Angeles, CA • Private
In-State Tuition
$13,226
Enrollment
31,568
9. University of California, Berkeley
Berkeley, CA • Private
In-State Tuition
$14,184
Enrollment
30,845
10. University of Southern California
Los Angeles, CA • Private
In-State Tuition
$56,225
Enrollment
19,548
Top Skills For a Health Actuary
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 51.0% of health actuaries listed fsa on their resume, but soft skills such as computer skills and math skills are important as well.
Health Actuary Demographics
Health Actuary Gender Distribution
Male
93%
Female
7%
After extensive research and analysis, Zippia's data science team found that:
- Among health actuaries, 6.7% of them are women, while 93.3% are men.
- The most common race/ethnicity among health actuaries is White, which makes up 82.6% of all health actuaries.
Work Experience Programs For Health Actuarys
Virtual work experience programs replicate work at top companies and help you gain the skills to be successful when applying and working there. In only a few hours, learn the relevant tools necessary to complete a typical work day at that company. Virtual work experience programs are 100% free, open-access, and self-paced. No experience or application is required!
Disputes, Competition & Insurance Program
Company: MinterEllison
Cost: Free
Duration: 3-4 hours
Cyber Security Management Program
Company: ANZ Australia
Cost: Free
Duration: 5-6 hours
Software Development Program
Company: Standard Bank
Cost: Free
Duration: 4.5-5.5 hours
Digital Intelligence in Business Transformation Program
Company: PwC Switzerland
Cost: Free
Duration: 7-8 hours
Life Sciences & Healthcare Program
Company: Hogan Lovells US
Cost: Free
Duration: 5-6 hours
Product Design Program
Company: Accenture North America
Cost: Free
Duration: 4 hours
Public Health Policy & Management Program
Company: Australasian Society for HIV, Viral Hepatitis and Sexual Health Medicine
Cost: Free
Duration: 5-6 hours
Online Courses For Health Actuary That You May Like
Advertising Disclosure
Financial Analysis of Insurance Companies – Industry Overview and Analysis of Financial and Regulatory Reporting
Want to gain a solid understanding of the unique analysis methods needed to assess the financial strength and operating performance of insurance companies in the US and Europe? We’ll begin this course with a look at the main lines of business and the current operating environment of the Life and Health sector of the industry. We will also discuss the impact of changes in interest rates on investment earnings and sales of annuity products. Next, we’ll turn our attention to the property and...
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How Do Health Actuary Rate Their Jobs?
Top Health Actuary Employers
Most Common Employers For Health Actuary
| Rank | Company | Average Salary | Hourly Rate | Job Openings |
|---|---|---|---|---|
| 1 | Aon | $115,802 | $55.67 | 2 |
| 2 | Mercer | $113,331 | $54.49 | 1 |
| 3 | Buck Consultants | $107,667 | $51.76 | 2 |
| 4 | Anthem | $106,121 | $51.02 | 1 |
| 5 | Deloitte | $105,763 | $50.85 | 2 |
| 6 | COUNTRY Financial | $105,761 | $50.85 | 1 |
| 7 | Mercer Health & Benefits LLC | $105,553 | $50.75 | 5 |
| 8 | Smith Hanley Associates | $103,782 | $49.90 | 12 |
| 9 | Washington Office on Latin America - WOLA | $102,882 | $49.46 | 1 |
| 10 | Milliman | $102,181 | $49.13 | 2 |