Another issue being addressed is the financial ramifications of allowing the insurance companies access to human genomes.

In order to sequence a genome today, one must pay $5,000 in order to obtain their genome sequence (Cadwalladr 2013). An important issue to address is who will pay this amount, the insurance companies or the individual? There comes another issue to address and that is the fact that though the scientists are ready to make this leap into the world of genomes, the GPs and NHS is not. Therefore, one will pay this money but there will be no one to analyze the genome rendering this information useless or impractical (Cadwalladr 2013). Genetic information could have negative repercussions for those seeking individual coverage and this may lead to pressure on doctors to omit certain information, as it would protect the patient as well as the pressure to include these things (Day 2013). As thus, this would create a very tense atmosphere for the physicians. In addition, although regulations are being sought, this could still hinder the patient from obtaining life insurance and so on. Therefore, this would negatively influence theyre ability to provide from their life insurance for their children and so on (The Future of Genomic Medicine 2013). Many people rely on their life insurance for their children and the access to human genome could end up discriminating against those with certain faulty genes. Though by having access to humane genome sequences, companies could save a lot of money. Insurance companies could save themselves money by insuring the right people by sequencing their genome. When they are able to see faulty genes, or genetic defects that will cause the insurance company to cover clients they see fit to be under insurance. This could be known as genetic discrimination but will however save the companies a lot of money. Another side is that the person doing the test could then find out of a disease and will then be able to treat what they have or amend a preexisting treatment and thus will save themselves money in case the disease later manifests itself violently. Therefore, genome-screening being available to insurance companies is an issue that has undeniably held back this opportunity. In order for insurance companies to have genome sequences of their clients, it would be needed to implant a great sum of money to insure the security and accuracy of the genome sequences. For the client it would entail paying more for life insurance and perhaps the medical aspect of your disease or saving you money by foreseeing certain diseases. It could also save the insurance companies money as they have a more detailed assessment of the client, making their financial losses decrease. In the end, the issue of genome sequencing being available to insurance companies is at a standstill due the costs associated with each outcome.

Citations:

Cadwalladr, Carole. "What Happened When I Had My Genome Sequenced." The Guardian. The Gaurdian, 8 June 2013. Web. 12 Nov. 2013. Day, Ami. "NHS to Open Sequencing of Patient DNA: Implications for Health Care Policy." Oxbridge Biotech NHS to Open Sequencing of Patient DNA Implications for Health Care Policy Comments. Oxbridge Biotech, 22 Oct. 2013. Web. 12 Nov. 2013. "The Future of Genomic Medicine: Policy Implications for Research and Medicine." The Future of Genomic Medicine: Policy Implications for Research and Medicine. N.p., 16 Nov. 2005. Web. 12 Nov. 2013.