Michelle (Klein) Robb

FSA, MAAA

Senior Consulting Actuary

Brookfield, WI, US

Main +1 262 784 2250 | Office +1 262 796 3471

Michelle (Klein) Robb is a senior consulting actuary with the Milwaukee office of Milliman. She joined the firm in 2013.

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Experience

Michelle has over 10 years of actuarial experience in various areas of healthcare.

Her primary areas of expertise are working with pharmaceutical manufacturers, payers in the Medicare Advantage and commercial markets, and organizations looking to understand health equity issues.

Other clients have included provider-owned health plans, Consumer Operated and Oriented Plans (CO-OPs), Medicaid plans, employer groups, and provider groups.

She has assisted payers in various markets in developing profitability analyses, health equity studies, and pricing and filing plans; conducting feasibility analyses; and developing risk adjustment models. She has also worked with pharmaceutical manufacturers, pharmacy benefit managers, and industry organizations with various types of commercial and Medicare modeling.

She also contributes to Milliman’s Medicare research efforts.

Publications and Presentations

Co-Author, What Medicare plans should know about CMS’ recent health equity-focused initiatives. December 2023.
Co-Author, Medicare Prescription Payment Plan: What do plan sponsors need to know? October 2023.
Co-Author, Weathering the reform storm: The Inflation Reduction Act’s changes to Medicare and other healthcare markets. August 2022.
Co-Author, Checking the boxes: Medicare Plan Finder and highlighted supplemental benefits. April 2022.
Co-Author, Amazon Pharmacy: Is it Prime time for prescription drugs? January 2021.
Co-Author, November 2020 Medicare drug pricing rules: What do you need to know? November 2020.
Co-Author, What are we trying to prevent anyway? The evolution of preventive services. November 2020.
Co-Author, The “Risk” of Adjustments in 2018 ACA Risk Adjustment. Milliman Insight, August 2017.
Co-Author, Will Repeal and Replace of the ACA Cause Pent-Up Demand to Occur? Milliman Insight, March 2017.

Professional Designations

Fellow, Society of Actuaries
Member, American Academy of Actuaries

Education

BS, Mathematics and Statistics, University of Illinois at Urbana-Champaign

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Publications

Read their latest work

Article

Medical loss ratio requirements: Challenges posed by vertical integration

09 February 2026 - by Michelle (Klein) Robb, Jason Karcher

Medical loss ratio requirements: We discuss the challenges posed by vertical integration for regulatory agencies tasked with assessing insurer efficiency.

Article

6 things life sciences companies need to know about risk adjustment

09 February 2026 - by Michelle (Klein) Robb, Jennifer Carioto

What should life sciences companies know about risk adjustment for the Medicare, Medicaid, and ACA markets?

Article

Behind the pharmacy counter: A primer on 6 major stakeholders of the pharmacy supply chain

19 December 2025 - by Hanaa Siddiqi, Victoria Robinson, Michelle (Klein) Robb

We outline the role of six major stakeholders in the pharmacy supply chain to give life sciences companies a better understanding of the system.

Article

Assessment of potential enhancements to the Part D risk adjustment (RxHCC) model

05 September 2025 - by Michelle (Klein) Robb, Douglas Rodrigues

This paper outlines key considerations for the 2027 model in hopes of ensuring risk adjustment adequacy in the evolving Medicare Part D environment.

Article

Understanding barriers to access for sickle cell disease therapies

11 June 2025 - by Donna Wix, Michelle (Klein) Robb, Barbara R. Collier, Melanie K. Kuester

Gene therapies for sickle cell disease show promise, but broad access requires more collaboration among manufacturers, payers, and healthcare systems.

Article

Impact of the Inflation Reduction Act on Part B provider payment and patient access to care

09 May 2025 - by Michelle (Klein) Robb, Katherine M. Holcomb, Ivanna Ulin

We review the impact of the Inflation Reduction Act on Medicare Part B provider payment and patient access, and estimate potential changes from a new bill.

Article

Adjusting the script

10 March 2025 - by Jason J. Petroske, Michelle (Klein) Robb, Douglas Rodrigues

One year after a major realignment of a benefit and risk adjustment model for Medicare Part D, more changes may again affect MAOs and PDPs.

Article

Premium impacts of POS rebate implementation in the ACA market in the state of Indiana

29 January 2025 - by Michelle (Klein) Robb, Hanna E. Holzer

In Indiana, our analysis shows that recent legislation requiring health plans to pass manufacturer rebates to ACA members had little impact on premiums.

Article

Out of whose pocket? Many beneficiaries will spend less than expected to reach the IRA’s new $2,000 out-of-pocket spending limit

27 August 2024 - by Jason Karcher, Jacob S. Magnusson, Michelle (Klein) Robb

We dive into ramifications of the Inflation Reduction Act on out-of-pocket spending limits for health insurance markets and Medicare Part D.

Article

Expected impact of Inflation Reduction Act Medicare Drug Price Negotiation Program on Medicare Part D beneficiary out-of-pocket costs

25 June 2024 - by Madeleine Feller, Michelle (Klein) Robb, Katherine M. Holcomb

We analyze the impact of the Inflation Reduction Act’s Medicare Drug Price Negotiation Program on Part D beneficiary out-of-pocket costs.

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Experience

Michelle has over 10 years of actuarial experience in various areas of healthcare.

Her primary areas of expertise are working with pharmaceutical manufacturers, payers in the Medicare Advantage and commercial markets, and organizations looking to understand health equity issues.

Other clients have included provider-owned health plans, Consumer Operated and Oriented Plans (CO-OPs), Medicaid plans, employer groups, and provider groups.

She also contributes to Milliman’s Medicare research efforts.

Michelle (Klein) Robb

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Experience

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Read their latest work

Medical loss ratio requirements: Challenges posed by vertical integration

6 things life sciences companies need to know about risk adjustment

Behind the pharmacy counter: A primer on 6 major stakeholders of the pharmacy supply chain

Assessment of potential enhancements to the Part D risk adjustment (RxHCC) model

Understanding barriers to access for sickle cell disease therapies

Impact of the Inflation Reduction Act on Part B provider payment and patient access to care

Adjusting the script

Premium impacts of POS rebate implementation in the ACA market in the state of Indiana

Out of whose pocket? Many beneficiaries will spend less than expected to reach the IRA’s new $2,000 out-of-pocket spending limit

Expected impact of Inflation Reduction Act Medicare Drug Price Negotiation Program on Medicare Part D beneficiary out-of-pocket costs

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CHOOSE A LOCATION AND LANGUAGE

Michelle (Klein) Robb

Experience

Read their latest work

Medical loss ratio requirements: Challenges posed by vertical integration

6 things life sciences companies need to know about risk adjustment

Behind the pharmacy counter: A primer on 6 major stakeholders of the pharmacy supply chain

Assessment of potential enhancements to the Part D risk adjustment (RxHCC) model

Understanding barriers to access for sickle cell disease therapies

Impact of the Inflation Reduction Act on Part B provider payment and patient access to care

Adjusting the script

Premium impacts of POS rebate implementation in the ACA market in the state of Indiana

Out of whose pocket? Many beneficiaries will spend less than expected to reach the IRA’s new $2,000 out-of-pocket spending limit

Expected impact of Inflation Reduction Act Medicare Drug Price Negotiation Program on Medicare Part D beneficiary out-of-pocket costs

CHOOSE A LOCATION AND LANGUAGE