When the Affordable Has No Value, and the Valuable is Unaffordable: Comments on the U.S. Market for Long-Term Care Insurance

2015 ◽  
Author(s):  
Markus Fels
Keyword(s):  
No Value ◽  
Long Term Care ◽  
Term Care ◽  
Long Term Care Insurance ◽  
The U.S

scholarly journals Ethics, Insurance Pricing, Genetics, and Big Data

2019 ◽  
pp. 75-85 ◽  
Author(s):  
Robert Klitzman
Keyword(s):  
Adverse Selection ◽  
Genetic Information ◽  
Long Term Care ◽  
Federal Law ◽  
Term Care ◽  
Insurance Pricing ◽  
Long Term Care Insurance ◽  
Alternative Solutions ◽  
The U.S

Insurers are rapidly gaining access to consumers’ genetic information. In the U.S., federal law bars using genetic information in health insurance, but not in life, disability, or long-term care insurance. Accordingly, insurers may fear adverse selection: individuals could undergo testing, learn they have risky genes, and purchase insurance without revealing test results. While other countries have established moratoria on insurers’ use of genetic information, there is no consensus in the U.S. regarding how to avoid ‘unfair discrimination.’ The chapter discusses alternative solutions, including government bans of insurers’ use of genetic information, or limiting insurer information to only high-risk genes.

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