If you are like most Americans, benefits open enrollment may seem a bit daunting. According to the 2017 Aflac WorkersForces Report, 67 per cent of employees consider shopping for benefits difficult, long, or stressful.
This may be true for many. Why not consider benefits as something better? It is a labor of love that protects you and your family against financial worries in the event of an emergency or medical condition.
Open-enrollment season is in full swing. Think about the impact a serious health issue, whether it’s due to an accident or illness, would have on your family. While major medical insurance is the cornerstone of a solid benefit plan, it doesn’t cover copayments and deductibles as well as the costs associated with bills that continue to be paid if a breadwinner is incapacitated or injured.
These are the benefits of voluntary insurance. Voluntary options, which can cover everything from accident insurance to disability insurance to pay major medical bills that insurance never covered, are a great way to save money. It is vital that this be a reality in today’s world. Aflac survey participants reported that 65% of them had less than $1,000 available to cover out-of-pocket expenses arising from unexpected serious illnesses and accidents. 39% report having less than $500.
These difficult financial realities could explain why voluntary insurance coverage is on the rise among American workers. Overall, 81 per cent of 2017 Aflac WorkForces Report participants said that they see a growing demand for insurance benefits. Ninety-eight percent consider voluntary insurance to be part of a comprehensive benefit program. Access to voluntary options is key to workplace satisfaction. The survey revealed that it is closely linked to productivity, retention, and recruitment.
Voluntary insurance is an important part of a holistic approach to avoiding rising healthcare costs. These can quickly add up after an injury or illness. Unless otherwise specified, benefits are paid directly by the policyholder. This means that you can choose how to use your benefits. Your options are endless. You can choose to use your benefits for everyday expenses, transportation to get medical care, to help with copayments and deductibles, as well as to meet urgent needs.
Learn more about choosing the best healthcare benefits to suit your family. Aflac.com.
Today’s life is very fast. The rise of digital technology has allowed people to communicate with each other via the internet and simultaneously check their children’s soccer scores. Consumers can expect the same conveniences and benefits from all businesses, except their insurance companies, thanks to the internet age. For many people struggling to pay their medical bills, this can seem like a long wait, even though 98 percent of claims for health insurance are processed in 30 days.
It is no longer enough to be insured, as nearly two-thirds of American households have less income than 2002. It is important to find out how fast and easy your insurance company processes and pays claims. This is critical for both financial recovery and physical recovery.
Recent research found that 66% would not be able to adjust to the high financial cost of serious illnesses or injuries. Only 49% of workers have over $1,000 to pay out-of-pocket costs. Additionally, rising healthcare costs are forcing employers into cost-saving measures that are putting employees under greater financial pressure.
* Increasing employees’ health care insurance copayments.
* Increasing employees’ share of premium.
* Implementing high-deductible health plans with health savings accounts.
A lot of people will have to wait for up to a few months before receiving their insurance payments. Many insurance companies are able to provide customers with fast service thanks to modern technology and better understanding of their needs. This is one example. AflacIt is almost rare for insurance companies to offer policies that include claims processing, approval, and payment in a single day.
In the past, fast payment policies were a luxury. It’s a necessity. It’s vital to have funds readily available for serious illness or injury. Your insurance company should be able to respond quickly.
Aflac’s One Day Pay guarantee can be found on aflac.com/onedaypay.
