American workers spend less time searching for the best option when it comes to selecting the right health insurance plan. The 2015 survey found that 56 percent of Americans spent less than 30 seconds researching their benefits options when they last opened enrollment. Aflac Open Enrollment Survey.
Many workers would rather do something other than research their health benefits. 38 percent of respondents preferred to clean out their inboxes. 23 percent prefer to clean their bathrooms, 18 percent prefer to do their taxes.
U.S. workers continue to ignore the financial consequences of their decisions regarding their health insurance. Aflac found that 52 percent of workers had less than $1,000 available to cover medical expenses resulting from unexpected serious illness or injury. A mere 42 percent of workers waste $750 each year due to errors made when they openly enroll in insurance benefits.
Employees must weigh the cost of their insurance and the cost of their overall health care.
Here are four ways to help employees select the right benefits for their budgets.
1. Compare benefits information. Avoid costly errors by being aware of any changes to your insurance policy.
2. Consider the financial consequences of your decisions on your budget. Calculate the annual medical expenses like deductibles, monthly premiums, and other costs.
3. You can add voluntary insurance to increase your financial protection. For more financial protection, consider adding voluntary insurance.
4. Ask for advice from HR professionals or insurance agents to understand your benefits coverage.
To learn more about the 2015 Aflac Open Enrollment Survey, visit AflacWorkForcesReport.com.
