Changing Faces in Insurance
Genetic Testing and Health Insurance Suppose there was a test that could determine who would win the Super Bowl. A test like this would surely destroy the market for bets on the game. Now imagine that insurance companies had a genetic test to measure the level of health risk a person may have. Today, insurance companies do have the technology and desire to do this. Genetic tests will soon be used by insurance companies to predict the potential health problems of their clients, to set premiums. Little do insurance companies realize, however, the horrific financial damage genetic testing will do upon them, leading to a whole plethora of new problems for the insurance industry as a whole. The right of insurance companies to view genetic tests and to enforce customers to take genetic tests should be simply revoked to prevent a quick and tragic death of the insurance industry. When a person buys insurance they are betting that something bad will happen to them. If something bad does happen, they win the bet. Their insurance will cover the cost of their claim. However, if nothing bad does happen, they lose the bet and all of their money has gone to a worthless cause. Buying insurance is therefore a bet t
Now person A pays only half of what they paid before while person C, with the high heath risk level, pays double of what they paid before. They are trapped no matter what they do. (This option will loose much needed money)Both of these options ultimately lead to the death of the insurance industry. 00The chart below illustrates an example of how clients would be charged when insurance companies know heath risk levels. With only high heath risk person C left, the insurance company basically has only two options left: 1. 00Keep in mind that with inflated rates there is a good chance that person B will also drop their insurance. Clearly, by using genetic test results, insurance companies are able to better predict the future outcome of their customers. Insurance companies, simply put, should not at all be able to force people to take genetic tests or even have the access to look at such genetic tests. Person Heath Risk Cost to InsureA Unknown $1,000. hat is used as a precautionary tool, to reduce a persons overall risk. Undeniably, it is very obvious that insurance companies are in business to make money. Genetic tests create a no-win scenario for insurance companies, and yet they do not realize this.
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