Also, assumptions must be used consistently throughout the actuarial analysis. The actuarial report must be prepared in accordance with the principles and standards of the Actuarial Standards Board of the American Academy of Actuaries.
States are free to pool their resources to obtain actuarial services.
The actuarial value of the benchmark plans and the State-designed plans, however, will vary from State to State, so the determination of actuarial value would have to be tailored to the individual State. The HCFA actuaries will review the plans of all States that elect to adopt an actuarially equivalent benchmark benefit plan. HCFA will review the actuarial report as part of the overall plan approval process. Thus, if the actuarial report is not complete or raises questions, HCFA will contact the State, request clarification and the 90-day clock stops. If, even after complete information is received, HCFA determines that the benefits do not meet the requirements in law, it may disapprove the State's child health plan.