After graduating from college, Hsiao began his career as an actuary for Connecticut General Life Insurance Company, which was a predecessor to Cigna.
Hsiao headed up two blue-ribbon panels and testified several times before Congress regarding the actuarial viability of the system under the funding mechanisms in place.
Eventually, in 1977, the Congress passed and President Jimmy Carter signed into law one of the most comprehensive legislative efforts to bolster the social security system.
RBRVS led to a revolutionary reordering of physician reimbursement payments under Medicare Part B which was passed by Congress and signed into law in 1989.
However, RBRVS was never fully implemented, partially due to the American Medical Association-sponsored Specialty Society Relative Value Scale Update Committee.
[2] Later, Hsiao conducted studies of the social insurance and medical payment systems of a vast array of foreign countries and regions, including Singapore, Cyprus, Taiwan, Canada, South Africa, the People's Republic of China, and Hong Kong (SAR of People's Republic of China).