Last updated on: 9/10/2010 | Author:

Richard S. Foster, MS Biography

Chief Actuary for the Centers for Medicare & Medicaid Services (CMS)
Not Clearly Pro or Con to the question "Is the Patient Protection and Affordable Care Act (Obamacare) Good for America?"

“…[W]hile the Patient Protection and Affordable Care Act, as amended, makes important changes to the Medicare program and substantially improves its financial outlook, there is a strong likelihood that certain of these changes will not be viable in the long range…

Although the current-law projections are poor indicators of the likely future financial status of Medicare, they serve the useful purpose of illustrating the exceptional improvement that would result if viable means can be found to permanently slow the growth in health care expenditures. The Affordable Care Act establishes a broad program of research into innovative new delivery and payment models in an effort to improve the quality and cost-effectiveness of health care for Medicare—and, by extension, for the nation as a whole. As the Trustees note, the projections in this year’s annual report provide an unequivocal incentive to vigorously pursue the development of effective and sustainable new approaches, with the potential to make quality health care much more affordable.”

“Statement of Actuarial Opinion,” attached to “2010 Annual Report of the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds,” Aug. 5, 2010

Involvement and Affiliations:
  • Chief Actuary, Centers for Medicare & Medicaid Services (CMS) at the Department of Health & Human Services (HHS), Feb. 1995-present
  • Former Deputy Chief Actuary, Social Security Administration (SSA)
  • Recipient, American Academy of Actuaries Robert J. Myers Award for Public Service, May 2006
  • Recipient, Presidential Distinguished Executive Award, 2001
  • Member, American Academy of Actuaries Board of Directors, 1999-2001
  • Recipient, Meritorious Executive Award, 1998
  • Fellow of the Society of Actuaries (FSA), 1980
  • Founding member, National Academy of Social Insurance
  • Former instructor, Georgia State University actuarial seminar
  • Recipient, Alumni of the Year Award, University of Maryland
  • Recipient, Alumni of the Year Award, College of Wooster
  • MS, Applied Mathematics, University of Maryland
  • BA, Mathematics, College of Wooster, 1971
  • None found
Quoted in:
  1. Will the cost to fund public health programs such as Medicare and Medicaid decrease?