COLUMBUS, Ga., Sept. 4, 2014 /PRNewswire/ -- Selecting the
right health insurance plan may be one of the most important
decisions Americans will make this open enrollment period, yet many
workers do very little research on their health benefits. In fact,
41 percent of employees spent 15 minutes or less researching their
benefit options during the 2013 open enrollment season; and nearly
a quarter (24 percent) spent five minutes or less according to the
newly-released 2014 Aflac Open Enrollment Survey.
The 2014 Aflac Open Enrollment Survey was conducted online among
2,100 U.S. consumers in June and July
2014 by Research Now on behalf of Aflac, the leading
provider of supplemental insurance in the
United States.
In contrast, American workers typically spend more time:[1]
- Researching for new car purchases — 10 hours.
- Planning family vacations — five hours.
- Shopping for new computers — four hours.
- Deciding what television to buy — two hours.
Considering that employees pay an average of $4,565 a year in premiums[2] for an
employer-sponsored health plan which helps protect their financial
well-being as well as those of their loved ones, the 15 minutes
allocated to benefits selections pales in comparison to time spent
researching popular consumer purchases.
"It's concerning to learn that many Americans invest time in
finding the right television, but may not be taking enough time to
choose health benefits that best fit their needs and the needs of
their families," said Matthew
Owenby, vice president of Human Resources at Aflac. "It's
important for workers to educate themselves about their health care
options to ensure they select the right insurance coverage that
provides protection and avoids costly mistakes down the road."
Common Enrollment Mistakes
Those who don't set aside time to research their insurance
options may make hasty benefits decisions and end up wasting money.
The Aflac survey found that the majority (90 percent) of workers
are "auto-enrolling" or keeping the same benefits year after year.
And, 4 in 10 (42 percent) workers waste up to $750 each year on mistakes with their insurance
benefits.
The survey also revealed:
- Most workers (73 percent) only sometimes, rarely or never
understand everything that is covered by their policy.
- More than 6 out of 10 workers (64 percent) sometimes, rarely or
never understand changes in their
coverage.
- 64 percent disagree or only somewhat agree that they are more
prepared for open enrollment this year compared to last year.
Take Advantage of Benefits Education Resources
To be prepared for open enrollment this year, it's essential for
workers to be proactive and take advantage of the benefits
education resources available to them. To minimize confusion during
the benefits selection process, Owenby suggests the following:
- Carefully review and compare all available benefits
information. Take time to look up terms you don't understand such
as voluntary insurance, deductibles, out-of-pocket expenses and
others.
- Understand the financial implications your choices have on your
budget. In addition to monthly premiums, make sure you can afford
the yearly deductible costs. If a high deductible looks like it may
be a burden, choose a plan with a slightly higher monthly premium
and a lower deductible that is easier to manage.
- Ask your employer to arrange meetings with health care
insurance agents or brokers to answer questions.
- Attend on-site seminars, participate in webinars and read the
relevant education materials.
To learn more about the 2014 Aflac Open Enrollment Survey visit
AflacWorkForcesReport.com or follow @aflac on Twitter.
About the Aflac WorkForces Report
The 2014 Aflac WorkForces Report is the fourth annual Aflac
employee benefits study examining benefit trends and attitudes. The
study, conducted by Research Now, captures responses from 1,856
benefits decision-makers and 5,209 employees across the U.S. To
learn more about the Aflac WorkForces Report, visit
AflacWorkForcesReport.com.
Methodology
Conducted by Research Now on behalf of Aflac, the research
contained two components – employer research and employee research.
The Employer Survey was conducted online within the United States from Jan. 7-23, 2014, among 1,856 benefits
decision-makers. Results were representative of U.S. companies with
at least three employees based on company size (number of
employees) and industry. No estimates of theoretical sampling error
can be calculated; a full methodology is available.
The Employee Survey was conducted online within the United States from Jan. 7-27, 2014, among 5,209 employed adults ages
18 and older who are employed full or part time at a company with
three or more employees and not retired. The first 3,124 interviews
were nationally representative while the remaining 2,085 interviews
were conducted among the top 20 designated market areas (DMAs) –
100+ interviews per DMA. Results were weighted as needed to match
U.S. demographics and to enable year over year trending. No
estimates of theoretical sampling error can be calculated; a full
methodology is available.
For complete survey methodology, including weighting variables,
please contact Aflac Media Relations at mediarelations@aflac.com or
706.243.5543.
About the 2014 Aflac Open Enrollment Survey
The 2014 Aflac Open Enrollment Survey of the Aflac WorkForces
Report was conducted online within the
United States from June 24 –
July 21, 2014 among 2,100 consumers
ages 18 and older, of whom 1,727 (82 percent) were employed full
time and 373 (17 percent) were employed part time and, at least
partially responsible for medical insurance decisions. This online
survey is not based on a probability sample and therefore no
estimate of theoretical sampling error can be calculated. For
complete survey methodology, including weighting variables, please
contact Aflac Media Relations at mediarelations@aflac.com or
706.243.5543.
About Research Now
Research Now is the leading global online sampling and online
data collection company. With more than 6 million panelists in 38
countries worldwide, Research Now offers a full suite of data
collection services. For more information, please visit
researchnow.com.
About Aflac
When a policyholder gets sick or hurt, Aflac pays cash benefits
fast. For nearly six decades, Aflac insurance policies have given
policyholders the opportunity to focus on recovery, not financial
stress. In the United States,
Aflac is the leading provider of voluntary insurance at the
worksite. In Japan, Aflac is the
number one life insurance company in terms of individual policies
in force. Aflac individual and group insurance products help
provide protection to more than 50 million people worldwide. For
eight consecutive years, Aflac has been recognized by Ethisphere
magazine as one of the World's Most Ethical Companies. In 2014,
FORTUNE magazine recognized Aflac as one of the 100 Best Companies
to Work For in America for the 16th consecutive year. Also, in
2014, FORTUNE magazine included Aflac on its list of Most Admired
Companies for the 13th time, ranking the company number one in the
life and health insurance category. Aflac Incorporated is a Fortune
500 company listed on the New York Stock Exchange under the symbol
AFL. To find out more about Aflac, visit aflac.com or
espanol.aflac.com.
Logo -
http://photos.prnewswire.com/prnh/20100423/CL92305LOGO
Media contact – Kip Havel,
706.243.5543 or mediarelations@aflac.com
[1] Zillow Mortgage Marketplace Survey,
http://zillow.mediaroom.com/index.php?s=28775&item=85029,
accessed August 6, 2014
[2] Kaiser Family Foundation/Health Research & Educational
Trust (HRET) 2013 Employer Health Benefits Survey, accessed on
August 7, 2014
SOURCE Aflac