COLUMBUS, Ga., Oct. 9, 2017 /PRNewswire/ -- Aflac, the leader in
voluntary insurance sales at the worksite in the United States, today announced results
from two studies that analyzed the trends, attitudes and use of
employee benefits among the U.S. workforce. The 2017 Aflac
WorkForces Report (AWR) shows that American workers may feel more
confident about benefits choices, while admitting a lack of
understanding regarding the choices being made. A separate Aflac
study found younger workers who may be making benefits decisions
for the first time also lack knowledge of health insurance coverage
but want to branch out and make independent benefits decisions.
American Workers May Have a False Sense of
Confidence
Benefits enrollment findings from the 2017 Aflac
WorkForces Report, a national online survey of 5,000 U.S. workers,
conducted between Jan. 26 and Feb. 17,
2017, by Lightspeed GMI and released by Aflac, found that
more than half (55 percent) of American workers who receive
benefits from their employer agreed that completing their annual
health benefits enrollment made them feel secure, like being tucked
in at night, or accomplished, like they just finished a marathon.
And 67 percent said they are confident they understood everything
for which they signed up.
However, these results may indicate an underlying false sense of
confidence. The survey also uncovered that 76 percent of workers
are making benefits decisions without a complete knowledge of the
overall plan. When asked specifically about understanding their
overall policies, like deductibles, copays and providers in their
network, only 24 percent of these workers could answer they
understood everything. And this result has been on a steady decline
since 2015, when nearly half (47 percent) believed they knew
everything, and then down to 39 percent in 2016.
"It's counterintuitive to see that workers are reporting a
positive benefits enrollment experience, but so many are still
struggling with a good understanding of the various aspects of
their health care coverage," said Matthew
Owenby, senior vice president, chief human resources officer
at Aflac. "Benefits enrollment is one of the most important
decisions a worker can make each year. Ensuring workers are more
educated will require a sustained effort by employers and employees
alike to better understand all aspects of benefits, including
coverage options and costs."
First-Time Enrollees Looking for Independence, Yet
Unprepared
Because millennials and Generation Z are entering
the workforce in record numbers, Aflac conducted a separate survey
among 1,000 20- to 26-year-olds, employed either full or part time.
The Aflac WorkForces Report First-Time Enrollees Survey was
conducted from Aug. 24-28, 2017, by
Research+Data Insights Inc. on behalf of Aflac and found that more
than half (51 percent) of young workers will be choosing their
health care benefits for the first time this enrollment season.
When thinking about health care benefits, nearly one-quarter of
young adults surveyed associate benefits with independence (22
percent), yet only 19 percent feel confident, and just 31 percent
say they feel prepared. Their biggest concern about choosing their
own health insurance plan is cost (44 percent), followed by
understanding how health insurance works (36 percent).
"For all workers, but especially young adults, choosing benefits
is complex and filled with unfamiliar terminology, which leaves
them feeling overwhelmed and possibly deterred from signing up for
the right insurance coverage that they need," added Owenby. "Many
young adults are also staying on their parents' insurance plans
longer than ever before, delaying the need and opportunity to
educate themselves about health care benefits."
Of respondents currently on their parents' plans (35 percent),
more than half (54 percent) are leaving their parents' plan in the
next year to purchase their own benefits for the first time. More
than two-thirds (69 percent) of those on their parents' plans are
unaware how much their health insurance coverage even costs, but
surprisingly, 41 percent indicated they contribute financially to
the health insurance plan their parents pay for.
Despite who is paying the bill, young workers are interested in
voluntary benefits. When asked about the benefits young adults are
most interested in, voluntary benefits were chosen by one-third of
respondents; specifically, 32 percent said hospital insurance and
29 percent answered accident insurance.
Aflac Stresses Importance of Benefits
Understanding
Given the importance of benefits decisions, an
uneducated choice now could affect a worker's financial well-being
in the year ahead, as well as more serious implications like
draining a savings account or 401(k) to pay deductibles and other
uncovered costs.
"We know from our experience and past data that fewer people
each year say that they understand everything about their plans and
their options, which means Americans are clearly hungry for answers
to insurance questions," said Owenby. "Because they look to their
benefits managers and insurance providers for benefits information,
we are making it a priority to make our resources and insight easy
to understand and readily available so employees can make
well-informed decisions this benefits enrollment season."
To find an Aflac agent or broker near you or to view available
resources, visit Aflac.com.
About the 2017 Aflac WorkForces Report
The 2017 Aflac WorkForces Report, conducted by Lightspeed GMI,
captured responses from 1,800 benefits decision-makers and 5,000
employees across the United States
in various industries.
The employee survey was conducted online in the United States between Jan. 26 and Feb. 17, 2017, among adults
ages 18 and older who are employed full or part time at a company
with three or more employees. Results were weighted to match U.S.
demographics. No estimates of theoretical sampling error can be
calculated. For complete survey methodology, please contact
Darcy Brito at dbrito@aflac.com or
706.320.2358.
About Lightspeed
Lightspeed is a data company for the insights market.
Quality-seeking researchers, marketers and brands choose Lightspeed
as their trusted global partner for digital data collection. Our
innovative technology, proven sampling methodologies, and
operational excellence facilitate a deep understanding of consumer
opinions and behavior. With 700 employees working in 14 countries,
we maximize digital research capabilities. We empower clients by
revealing information that is beneficial, providing clarity and
research data that illuminates.
Lightspeed is part of Kantar, one of the world's leading data,
insight and consultancy companies. For more information, visit
www.lightspeedresearch.com.
About the 2017 Aflac WorkForces Report First-Time Enrollees
Survey
The 2017 Aflac WorkForces Report First-Time Enrollees Survey,
conducted by Research+Data Insights Inc., captured responses from
1,000 workers across the United
States. The survey was conducted online from Aug. 24-28, 2017, among workers age 20-26
employed either full or part time. No estimates of theoretical
sampling error can be calculated.
About Research+Data Insights Inc.
Research+Data Insights is an international consulting firm
providing research services that inform influential and effective
communications programs. As a trusted adviser to organizations
around the world, we leverage both large-scale data analytics and
multimodal opinion research to provide insights on reputation and
issue management, including valuable information on both emerging
challenges and recurring problems. To learn more, visit
http://researchdatainsights.com.
About Aflac
When a policyholder gets sick or hurt, Aflac pays cash benefits
fast. For more than six decades, Aflac insurance policies have
given policyholders the opportunity to focus on recovery, not
financial stress. In the United
States, Aflac is the leader in voluntary insurance sales at
the worksite. Through its trailblazing One Day PaySM
initiative, Aflac U.S. can receive, process, approve and disburse
payment for eligible claims in one business day. In Japan, Aflac is the leading provider of
medical and cancer insurance and insures 1 in 4 households. Aflac
insurance products help provide protection to more than 50 million
people worldwide. For 11 consecutive years, Aflac has been
recognized by Ethisphere as one of the World's Most Ethical
Companies. In 2017, Fortune magazine recognized Aflac as one of the
100 Best Companies to Work for in America for the 19th consecutive
year and in 2017 included Aflac on its list of Most Admired
Companies for the 16th time. Aflac Incorporated is a Fortune 500
company listed on the New York Stock Exchange under the symbol AFL.
To find out more about Aflac and One Day PaySM, visit
aflac.com or aflac.com/espanol.
Aflac Group products are underwritten by Continental American
Insurance Company (CAIC). Aflac Individual products are
underwritten by American Family Life Assurance Company of
Columbus. In New York, coverage is underwritten by American
Family Life Assurance Company of New
York. In California, group
coverage is underwritten by Continental American Life Insurance
Company.
Media contacts
–
|
Darcy Brito,
706.520.2358 or dbrito@aflac.com
|
|
Kristen Fraser,
706.580.3813 or kfraser@aflac.com
|
Analyst and investor contact – David A. Young, 706.596.3264 or 800.235.2667,
FAX 706.324.6330, or dyoung@aflac.com
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SOURCE Aflac