The Future Of Health Insurance - The Medical Futurist

Summary

The video script discusses the challenges and potential of health insurance in the context of socialized and private systems. It highlights the role of AI, wearable sensors, and big data in shifting from reactive to preventive care. The script raises concerns about data privacy and the ethical implications of using genetic information in insurance, advocating for regulation to prevent over-surveillance while allowing consumers to benefit from a more personalized and cost-effective healthcare system.

Takeaways

• 🏥 In countries with socialized medicine, innovations are hard to roll out nationwide due to affordability issues.
• 💸 In countries with private health insurance, expensive treatments like cancer care are only accessible to the privileged.
• 🚫 Politicians working to remove coverage and insurers denying service to people with pre-existing conditions create additional challenges.
• 🔄 The insurance business needs to change and is bound to change with the advent of new technologies.
• 🤖 Artificial intelligence and wearable sensors will transform the health insurance landscape.
• 📊 Electronic medical records and big data analytics will shift care from reactive to preventive and personalized.
• 📉 Health insurance is risky because insurers lack detailed health information to make informed investments.
• 🏋️‍♀️ Digital health will encourage individuals to maintain a healthy lifestyle, potentially leading to reduced premiums.
• 🎁 Companies like Oscar Health are already rewarding healthy behavior with incentives like Amazon gift cards.
• 🧬 Advances in genetic research, like those by DeCode Genetics, can predict health risks for entire populations.
• 🛑 The ethical use of health data is crucial, and regulators must prevent misuse by insurers.
• 👁️ There is a risk of insurers leveraging health data to increase premiums for high-risk patients or requiring genetic tests.
• ⚖️ Regulators must ensure data privacy and prevent a 'Big Brother' scenario where insurers control personal health decisions.
• 📈 Sharing fitness tracker data with insurers could lead to a more effective and sustainable health insurance system, provided data privacy is maintained.

Q & A

What is the main challenge for innovations in countries with socialized medicine?

Innovations are difficult to roll out nationwide because the system as a whole cannot afford it due to the need to provide basic care to everyone.

Why are certain treatments like cancer care expensive in countries with private health insurance?

They are expensive because only the privileged with good insurance plans can afford them, highlighting the disparity in access to healthcare based on financial means.

What is the impact of politicians trying to remove millions from coverage and insurers denying service to people with pre-existing conditions?

This creates a level of horror in the healthcare system, exacerbating the challenges faced by those who need coverage the most.

How do artificial intelligence and wearable sensors aim to change the status quo in health insurance?

They will allow for the implementation of new technologies that can shift the focus from reactive to preventive and personalized care.

What is the significance of moving from reactive to preventive and personalized care in health insurance?

It is important because it can reduce the risk for insurers who currently lack enough information to make fully informed investments in a person’s future health.

Why is the current insurance market described as one-sided?

It is one-sided because companies do not reward individuals for maintaining a healthy lifestyle, and most people do not take care of their health proactively.

How does Oscar Health incentivize a healthy lifestyle among its patients?

Oscar Health is testing a program where patients receive Amazon gift cards as rewards for achieving their daily goals as measured by a FitBit activity tracker.

What is the potential of big data in the context of health insurance?

Big data can provide extensive information on health parameters, allowing for more personalized and preventive care, and even the prediction of genetic predispositions to diseases.

What ethical dilemma does DeCode Genetics face with its DNA data collection in Iceland?

DeCode Genetics can identify individuals at high risk for deadly cancers but is currently unable to warn them due to the ethical rules of their research.

What potential issues could arise from health insurance companies having access to extensive health data?

There is a risk that companies may use this data to increase premiums for high-risk patients or require genetic tests as a condition for coverage, potentially leading to privacy and discrimination concerns.

What role should regulators play in the future of health insurance with the advent of new technologies?

Regulators must be at the forefront of innovation to ensure that the use of health data by insurance companies does not infringe on personal privacy and autonomy, preventing the creation of a 'Dr. Big Brother' scenario.

Why would an individual be willing to share their fitness tracker data with a health insurance company?

An individual might be willing to share their data to enjoy the rewards of living a healthy life, such as reduced premiums, as long as they retain control over their data and can decide what and who to share it with.