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Reductions in the cost of genetic testing and improvements in what we know about what it tells us produce obvious benefits; if you know you are  likely to have some particular medical problem, you may be able to take precautions against it. But they also have at least one potential downside. The more is known about the chance of bad things happening to us, the less able we will be to insure against them.A solution to this problem that is sometimes proposed is to permit individuals to have their genes tested but forbid insurance companies to require testing as a condition of insurance or to use the information it produces. The problem with that is adverse selection. If the customer knows his risk and the insurance company doesn’t, high risk and low risk customers are charged the same price, making insurance a good deal for the former and a bad deal for the latter. Insurance companies, realizing that most of those who choose to buy their insurance are bad risks, will charge accordingly, driving more of the low or average risk customers out of the market. In the limiting case, insurance is bought only by high risk customers, at a high risk price. A famous description of the problem is Akerlof’s article “The Market for Lemons.”If we allow both insurance companies and their customers to make use of genetic information, then both high risk and low risk customers can buy insurance, but at different prices. The risk of having genetic variants that make you more likely to suffer some expensive medical problem is uninsurable, although you can still insure against the risk that, given those genes, the problem will actually appear.The theoretical analysis of the problem is straightforward; interested readers can find one version in Chapter 6 of my Law’s Order. But the theory does not tell us how large the problem is. That depends on empirical facts, in particular on how much the information provided by genetic testing affects the expected cost of insuring someone.As it happens, I recently came across a datum relevant to that question, as a result of having my own genes tested by 23andMe, a company that does mail order genetic testing. It turned out that I had a genetic variant that implied a moderately increased risk of meningioma, the second most common type of brain tumor.The information came a little late to be useful. Last summer, while I was part of a group on World of Warfare, one of the other players noticed that I had stopped responding. He called the house. My son took the call, came into my office, and found me half conscious on the floor. The diagnosis at the local hospital was meningioma, a benign (i.e. non-cancerous) tumor inside my skull but fortunately outside my brain. It was large enough to put pressure on my brain, so required surgery. I got surgery, all went well, and I am now fully recovered, aside from a visible scar and a tendency of my scalp to itch.According to 23andMe, 35,000 Americans a year are diagnosed with meningioma, and in most cases the tumor is small enough not to require surgery. Assume that 10,000 of those, like my case, do, making the annual probability for a random American 1/30,000. Further assume that the average cost is $100,000. That’s the right order of magnitudeand#226;and#128;”I saw the figures for what it cost my insurance company, but don’t have them ready to hand at the moment. The average cost to the insurance company of that particular risk is then about $3.Finally, assume that my “moderately increased risk” means twice the average risk, which seems if anything a high guess. It follows that in a world where insurance companies had and used that data, my medical insurance would cost me, or my employer, three dollars a year more than in a world where the data was not available.There are, of course, lots of other risks that my health insurance insures against. For some my genetics are presumably favorable, for some unfavorable. It would require much more information than I have to estimate how much the cost of insurance would vary from one person to another if all of that information was available and used. But at least the single datum I happen to have suggests that the effects might be small..
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Will Evans AlexKalina/istockphoto.comUPDATE, Jan. 27, 2011: Mercury Insurance provided this response to questions about its record.The 90-year-old billionaire chairman of Mercury Insurance just won’t give up.George Joseph gave $8.2 million to put an initiative on the November ballot that supporters say would lower car insurance rates for consumers who maintain continuous coverage. His Los Angeles-based company spent $15.8 million on a similar proposition, derided as a deceptive move to increase rates, that failed in 2010.The new initiative qualified for the ballot last week, putting a renewed spotlight on Joseph and the company he founded in 1962. Joseph is a longtime conservative political donor, giving $1 million to the California Republican Party in 2010, though his company has given hundreds of thousands of dollars to the state Democratic party as well. Joseph also gave $1 million to a political action committee that spent millions against Dave Jones, a Democrat who won the state post of insurance commissioner in 2010.Joseph owns just over a third of Mercury's stock. The company has tangled with the state Department of Insurance over the years and currently faces an ongoing enforcement action against it for allegations of violating consumer protections. The company denies any wrongdoing. In a separate case, the department is opposing Mercury's application to raise homeowners' insurance rates, arguing that the company's rates already are too high, according to senior staff counsel Daniel Goodell. Mercury is also pursuing a 6 percent increase in auto insurance rates, but the department hasn't weighed in yet.This year's ballot initiative would allow companies to base auto insurance rates on whether a customer had previously been insured. Under tough regulations passed by ballot initiative in 1988, companies can't charge customers more simply because they had been uninsured; they also can't charge less if customers had been insured.So while consumer advocates say the initiative would let companies jack up rates for the previously uninsured, industry proponents argue it would lead to discounts. The new initiative improves on the old one, supporters say, in that it allows continuous-coverage discounts for those who dropped insurance due to military service or losing a job."This initiative is all about creating competition, driving down prices and insuring more folks," said campaign spokeswoman Rachel Hooper. Hooper distanced the current initiative, which is sponsored by a trade association of insurance agents, from 2010's Proposition 17. "This is not a Mercury initiative," she said. Unlike in 2010, Mercury doesn't plan to spend company money on the current initiative campaign, according to a company representative.Joseph has been trying to change the rules for years. His company sponsored a bill to do so in 2003, but it was struck down in court. Portrayed by his critics as a greedy "Grinch," Hooper said Joseph has been misunderstood."They don’t realize that this is a World War II vet," Hooper said. "They don’t realize how hard he’s worked to make this company successful. They don’t realize how much he’s done for California."Over the last decade, Joseph gave more than $200,000 in federal campaign contributions, the vast majority to Republican candidates and committees. In California, he gave $100,000 to oppose the failed 2006 initiative that would have taxed the wealthy to provide free preschool to 4-year-olds. He spent $200,000 on the successful effort to defeat another 2006 initiative to provide public financing for political candidates and restrict campaign contributions.The advocacy group Consumer Watchdog is a persistent thorn in Joseph's side. The group's founder wrote the 1988 initiative regulating insurance rates. Executive Director Doug Heller argues that this year's initiative will raise rates and invokes Mercury's record."You have a corporation and a chairman who have been found to ignore California law on several occasions, and now they’re asking voters to say yes to a slickly advertised initiative campaign," Heller said.In 2010, then-Insurance Commissioner Steve Poizner accused Mercury of breaking the law, announcing that "an examination done by the Department of Insurance appears to show that Mercury Insurance has disregarded California's consumer protection statutes and overcharged consumers."Mercury denied and provided a rebuttal to each allegation, according to the company's Securities and Exchange Commission filings. The department will begin a hearing process before an administrative law judge later this year.In a separate case, the department accused Mercury of illegally allowing its agents to charge broker fees. The company "does not believe that it has done anything to warrant a monetary penalty," according to its filings. An administrative hearing process is ongoing, according to the department. .
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Assemblymember Feuer and Commissioner Jones Call for Prior Approval of Health Insurance RatesSACRAMENTO, Calif., April 1, 2011 /PRNewswire-USNewswire/ — Assemblymember Mike Feuer (D-Los Angeles), Assemblymember Jared Huffman (D-San Rafael), and Insurance Commissioner Dave Jones will join a broad coalition of consumer advocates to highlightCommunity Bank Released from FDIC Consent OrderLAKEWOOD RANCH, Fla., April 1, 2011…Read the rest of this entry.
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Source:
http://daviddfriedman.blogspot.com/2012/01/genetic-testing-and-insurance-one-datum.html
http://whomovedmytruth.com/expression-everyday-living-insurance-policy-moderately-priced-defense-to-your-family-members/
http://cheapestcarautoinsurance.com/car-insurance-by-state/connecticut-car-insurance/
http://insuguru.com/cheap-car-insurance.html
http://bucks.blogs.nytimes.com/2012/01/26/family-health-insurance-costs-doubled-in-7-years-study-finds/
http://californiawatch.org/dailyreport/billionaire-insurance-exec-backs-initiative-change-rate-rules-14628
http://underthemountainbunker.com/2012/01/28/u-s-healthcare-reform-insurance-companies-shouldnt-manage-our-healthcare/
http://www.themillionpixels.com/the-million-pixels/614-preserving-dollars-with-term-life-insurance
http://usagencyinsurancequote.com/do-you-really-need-hire-insurance-policy.html
http://www.spotlightacademy.org/relationships/compare-motor-insurance-quotes-right-option-to-insure-your-truck/
http://www.cheapcarinsurance.net/save-money-on-car-insurance-with-a-lump-sum-payment/
http://quotebackgrounds.com/ing-insurance.html
http://insuguru.com/choose-cheaper-life-insurance-with-term-life-insurance-quotes.html