Rick Foster is a senior advisor with Leavitt Partners. Rick served as the Chief Actuary for the Centers for Medicare & Medicaid Services for over 18 years. In this role, he was responsible for all actuarial and other financial analyses for the Medicare and Medicaid programs. This work involved both the evaluation of the financial status of the programs under current law and the estimation of the financial effects of legislative proposals.
Rick also oversaw the preparation of the widely-used national health expenditure account data and projections, the estimation of the financial effects of national health reform proposals, the determination of the hospital input price index, Medicare Economic Index, and other price indexes used to update Medicare payments to providers, the calculation of the Medicare Advantage payment benchmarks for private health plans that contract with Medicare, and the review of the actuarial bid submissions for all Medicare Advantage and Part D plans.
Prior to 1995, Rick served as Deputy Chief Actuary for the Social Security Administration for 13 years. He is a Fellow of the Society of Actuaries (1980) and a member of the American Academy of Actuaries, American Statistical Association, American Economic Association, and National Academy of Social Insurance. He has written numerous articles and reports on Medicare and Social Security issues, including “Level of OASDI Trust Fund Assets Needed to Compensate for Adverse Contingencies” in Transactions of the Society of Actuaries (1993); “A Stochastic Evaluation of the Short Range Economic Assumptions in the 1994 OASDI Trustees Report;” “Trends in Medicare Expenditures and Financial Status, 1966-2000;” and “Medicare Financial Status, Budget Impact, and Sustainability: Which Concept is Which?” in the Health Care Financing Review. Rick has testified before Congress on numerous occasions and has made more than 200 other presentations on Medicare, Medicaid, national health insurance, and Social Security issues.
Rick received an M.S. in applied mathematics from the University of Maryland, Baltimore County, and a B.A. in mathematics from the College of Wooster. He has received a number of awards, including the UMBC Outstanding Alumnus of the Year in 1997, the Presidential Meritorious Executive Award in 1998 from President Clinton, CMS Administrator’s Achievement Awards in 1999, 2003, and 2010, the Presidential Distinguished Executive Award in 2001 from President Bush, the College of Wooster Distinguished Alumni Award in 2006, the Robert J. Myers Public Service Award from the American Academy of Actuaries in 2006, the Wynn Kent Public Communication Award in 2011, and the Society of Actuaries’ President’s Award in 2011. In 2007 through 2012, the readers of Modern Healthcare voted Rick as one of the 100 most influential persons in health care in the U.S.