As an employer, you might be surprised to learn that 67 percent of workers say they’d have trouble coping with financial costs associated with a serious illness.1 After all, more Americans than ever are enrolled in major medical insurance, whether it was obtained through a company plan or the insurance marketplace.
Here’s the rub: Major medical insurance normally pays only a portion of covered individuals’ medical expenses and doesn’t stretch to include co-payments, deductibles or the price of uncovered treatments. And depending upon the severity of an illness or injury, employees may also accrue out-of-pocket costs for lost income, travel expenses and more.
The bills accumulate faster, of course, for individuals and families without major medical coverage. According to a recent survey, 53 percent of uninsured Americans have had problems paying medical expenses in the past year. But it’s not just the uninsured who’ve struggled – 1 in 5 insured individuals has experienced changes or made lifestyle adjustments due to medical debt.2
As a result, many workers are making changes in their personal lives. Some are forgoing vacations or major purchases, but you might be surprised to know they’re also taking extra jobs, borrowing from family and friends, altering their living situations and reaching out to charities for help.2
How can you, as an employer, lend a hand? One simple way is by introducing or adding voluntary insurance to your employees’ health care options. Voluntary, or supplemental, insurance policies work with major medical insurance to help provide an extra layer of financial protection for employees. And employees are interested: 64 percent of those who participated in the 2015 Aflac WorkForces Report survey said the need for voluntary insurance today is greater than in years past.1
Learn more about the sacrifices your company’s workers are making to pay medical bills and how you can use voluntary insurance to help ease their struggles by reading more.
This article is for informational purposes and is not intended as a solicitation.
1The 2015 Aflac WorkForces Report, conducted by Research Now on Aflac’s behalf. Accessed March 4, 2016. www.aflacworkforcesreport.com
2 Kaiser Family Foundation/New York Times survey. “New Kaiser/New York Times survey finds one in five working-age Americans with health insurance report problems paying medical bills.” Accessed March 4, 2016. http://tinyurl.com/hnmm89x