COLUMBUS, Ga., Sept. 22, 2015 /PRNewswire/ -- As employers
continue to load more health care expenses onto workers, more than
half (53 percent) of employees are still choosing a major medical
plan based on factors that may have little to do with the total
cost of health care for which they are increasingly responsible.
According to the 2015 Aflac Open Enrollment Survey released today
by Aflac (NYSE: AFL), the leading provider of voluntary insurance
at the work site in the United
States, most workers (75 percent) at least somewhat agree
that even with their health insurance coverage, their medical
copays and other out-of-pocket costs are more than they can afford
at times. In spite of this, however, a significant number of
consumers lack the desire to research their insurance benefits.
The 2015 Aflac Open Enrollment Survey was conducted among 2,000
U.S. adults employed either full or part time in June and
July 2015 by Lightspeed GMI on behalf
of Aflac.
Please! I'll Do Anything but Research My Benefits…
Spending more time researching benefits choices and reading the
fine print could help employees during this open enrollment period.
Even though the terms of health insurance policies have likely
changed, over half (56 percent) say they spend less than 30 minutes
researching their benefits, and over one-third (34 percent) say
they spend less than 15 minutes.
In fact, according to Aflac's survey, many would rather do
almost anything else than research their benefits:
- More than a third (38 percent) would rather clean out their
email inbox;
- Nearly 1 in 4 (23 percent) would rather clean their toilet;
and
- 18 percent would rather do their taxes.
Short-Term Gains, Long-Term Financial Pains?
Workers' concerns about their inability to meet health
care-related financial obligations don't necessarily translate into
how they choose a health insurance plan. Nearly one-third (30
percent) of workers say monthly premiums are the most important
factor when selecting their major medical plan each year, while
almost 1 in 4 (23 percent) state that they are most concerned with
whether their doctors/health providers participate in the plan.
Although potentially high costs of coinsurance and deductibles can
present significant risk to personal and family finances, only 16
percent view the percentage of coinsurance they'll pay for health
care services as the most important factor. Just 14 percent
say it's the amount of the annual deductible.
"Despite the shift to more consumer-directed health care, U.S.
workers are still not moved by the full financial consequences of
their health insurance choices during open enrollment," said
Matthew Owenby, senior vice
president, chief human resources officer at Aflac. "In a perfect
world, workers would weigh not only the monthly cost of an
insurance plan, but also how much of the total cost of their health
care they'll be responsible for to cover any unexpected
out-of-pocket costs. In a sense, they are rolling the dice with
their financial future."
The High-Deductible Blues
Nearly half (46 percent) of employees selected a major
medical/health insurance plan with a high deductible of
$1,000 or more last year, up from 34
percent who said the same in 2014. And many who chose a
high-deductible option were not satisfied with that choice:
- Over half (52 percent) at least somewhat agree that they regret
choosing a high-deductible health plan (HDHP);
- Most (59 percent) at least somewhat agree that their HDHP was
financially detrimental for themselves and/or their family;
- Nearly half (48 percent) at least somewhat agree that they did
not understand how an HDHP really works; and
- Almost 4 in 10 workers (39 percent) noted their health
insurance gives them some of the protection they need, but a
serious illness or accident would still create a financial burden
for them.
Workers' Insurance Coverage Expectations
"By spending more time researching their options in order
to better understand what the insurance plan pays for and what
they're liable for, consumers can make better choices and be better
prepared for a serious health event. Employers can help too by
providing additional options like a health savings account and
voluntary insurance to help employees pay for the deductibles and
other out-of-pocket costs," said Owenby.
To learn more about the 2015 Aflac Open Enrollment Survey, visit
AflacWorkForcesReport.com or follow @aflac on Twitter.
About the 2015 Aflac Open Enrollment Survey
The
2015 Aflac Open Enrollment Survey of the Aflac WorkForces Report
was conducted by Lightspeed GMI from June
23 – July 2, 2015, among 2,000
U.S. adults ages 18 and older who are employed full or part time at
a company with three or more employees. 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
Darcy Brito at dbrito@aflac.com or
706.320.2358.
About Lightspeed GMI
Lightspeed GMI is an
award-winning global digital data collection enterprise. Founded in
1996, its innovative technology and proven sampling methodologies
deliver operational excellence throughout the online research
process. With more than 5.5 million online research respondents in
45 countries, Lightspeed GMI's proprietary panels deliver
unparalleled quality, capacity and targeting. Headquartered in
Warren, New Jersey, Lightspeed GMI
is part of the Kantar, the data investment management arm of WPP,
the world leader in marketing communication services. For more
information, visit www.lightspeedgmi.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 work site. Through its
trailblazing One Day Pay℠ 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 individual and group insurance products help
provide protection to more than 50 million people worldwide. For
nine consecutive years, Aflac has been recognized by Ethisphere
magazine as one of the World's Most Ethical Companies. In 2015,
Fortune magazine recognized Aflac as one of the 100 Best Companies
to Work For in America for the 17th consecutive year. Also, in
2015, Fortune magazine included Aflac on its list of Most Admired
Companies for the 14th time, ranking the company No. 1 in
innovation for the insurance, life and health 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 and One
Day Pay℠, visit aflac.com or espanol.aflac.com.
Media contacts – Darcy
Brito, 706.320.2358 or dbrito@aflac.com
Analyst and investor contact – Robin Y.
Wilkey, 706.596.3264 or 800.235.2667, FAX: 706.324.6330, or
rwilkey@aflac.com
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SOURCE Aflac