Does anybody have any insurance industry knowledge regarding whether an applicant is obligated to disclose the results of this test?
Specifically, I’m starting to look into long term care insurance, and I’m currently unaware of any genetic issues that could impact its issuance. I purchased a 23 and Me test for fun, but would I be obligated to disclose any adverse results? If I got any scary results and didn’t disclose them, would the insurance company ever be able to find out?
Should I hold off on taking this test until I’ve secured all the insurance I want? Or… am I just overthinking this?
There’s a law against using genetic information for issuing health insurance, but there is no such protection for life insurance, disability, or long term care insurance.
So I think you are absolutely right to be concerned about this. If you know something material ahead of time and don’t disclose it, the insurance company could deny benefits because of fraud/material misrepresentation, or sue you for lost premiums because you would have been in a higher premium class, or who knows what.
Until there are legal protections, I would think twice about doing this test unless you have a specific reason or can be 100% sure the results are anonymous to 23andMe. Information has a way of wandering, and even if 23andMe is claiming today they won’t give out your information without your permission, they might be bought by someone tomorrow who changes this.
Another thought: genetic testing is now cheap enough that the day may come when insurance companies require a genetics test to be considered for coverage. I’m sure they would all love to do it now, but nobody wants to be first and take the heat. But I think it is inevitable unless legal protections are put in place.
^23andme does test for the most common genetic variant associated with late-onset (after 65) Alzheimer’s disease. They also test for 2 variants on the genes that cause Parkinson’s. It is up to you whether or not you wish to receive those results. Those are some of the questions you will be asked when you register your kit. Of course, just because you have the genetic variant for Alzheimer’s doesn’t mean you will develop the disease and the reverse is also true.
True, but there’s a study out there that shows that people who know the have the gene are something like 6 times more likely to buy long term care insurance than average.
Bestfriend: I was curious and Googled this. Some companies ask this on the application for LTC insurance.
Notrichenough: Wouldn’t the same be true for those who have a parent with Alzheimer’s? IOW, either a family history or a genetic test positive for the variant for Alzheimer’s would make it much more likely that a person would purchase LTC insurance.
Bestfriendsgirl- most companies ask if you have a parent or sibling with cardiovascular or cancer disease or death before age 60, at this point those are the only conditions I see affecting premiums and only before age 60 for most companies.
If you’re adopted you just say unknown and are not eliminated from the best rates.
@TatinG - I meant the insurance companies were presumptuous, not you.
@ somemom - I’ve encountered these family history questions my entire life. Just once, I’d like to see a check-off box that says some thing to the effect of “Family history incomplete or unavailable.” I get so tired of explaining and apologizing over which I have no control.
Just an FYI: some of these protections will be repealed if the current healthcare bill goes into effect.
There is also a bill in the House right now that would allow employers to see your genetic results and family history for insurance purposes. If you refused, you could pay a hefty surcharge on your insurance. As of now it hasn’t gotten traction but there’s a lot of time left.
Are you referring to health insurance or other? If health insurance, that’s illegal.
It’s absolutely ridiculous. Many of the most expensive conditions have absolutely no known genetic markers (yet). raises hand with expensive condition that has no known, reliable genetic markers
FWIW, you can decline to see any and all health reports on 23andme.
Well, you should be able to submit genetic testing information to get higher yielding annuities, if you have markers for anything that may reduce life expectancy.