Gene Testing and Long-Term Care Insurance

Approximately 5.5 million Americans have Alzheimer’s disease, making up half of all nursing home residents, but very few people have been tested for it’s specific gene. Last month, however, the gene testing company 23andMe started offering tests that reveal whether people carry the gene, while assessing their risks for developing certain conditions. Following the wave, other genetics companies are planning to offer similar tests, allowing many Americans to get a better grasp on their medical futures. Although a benefit to the American people,

…insurance companies selling long-term care insurance might experience a disaster, sending risky patients in search of policies and damaging an already fragile business.

The potential impact of gene testing has the ability to increase adverse selection, which in turn could impact the availability and affordability of certain products.

 New Gene Tests Pose a Threat to Insurers, says the New York Times in its May 12, 2017 edition, reproduced in its entirety here.

Advertisements

We'd love to hear from you:

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s