COLUMBUS, Ga., Dec. 3, 2019 /PRNewswire/ -- Within the past
two years, high medical costs led nearly 3 in 4 (71%) American
families with children under 18 to make a sacrifice or hard
decision during the holidays. This is according to the 2019 Aflac
Health Care Issues Survey released by Aflac, the leader in
supplemental insurance sales at U.S. worksites.
The national online survey of 1,127 U.S. adults looked at how
medical costs from the last two years have affected Americans
during the holiday season and year-round, as well as the rate of
hospital visits and regrets related to health care coverage
decisions.
Among families who visited the hospital in the past two years,
73% faced medical expenses beyond copayments or deductibles. These
out-of-pocket costs can be significant, with nearly half (47%) of
those families reporting having spent $500 or more. According to the National Retail
Federation, $500 is about half of
what the average shopper plans to spend this holiday season:
$1,047.83.
"While national conversations highlight how U.S. families are
increasingly shouldering rising health care costs, this survey
confirms a significant area in which many are feeling the pinch,"
said Bob Ruff, senior vice president
of Growth Solutions at Aflac. "Many families are facing a
financially difficult holiday season due to health care costs,
leading many to purchase fewer gifts for others, take on risky
debt, or give up invaluable time with loved ones because they must
cancel travel plans or pick up extra work to help make ends
meet."
Families are facing holiday disruption in various forms due to
medical cost concerns in the last two years, including:
- Bowing out on holiday giving — Nearly 1 in 4 (24%)
families say they had to spend less on holiday gifts, and fully 1
in 5 (20%) decided against purchasing a gift for a loved one
altogether.
- Debt, the gift that keeps on giving — Over 1 in 4 (26%)
families say they had to rely on a credit card, nearly 1 in 5 (18%)
borrowed money from a friend or family member, and 12% took out a
loan during the holiday season as a result of medical cost
concerns.
- Skipping on season's greetings — Nearly 1 in 5 families
(19%) canceled travel plans to see friends and family, and about
the same number (18%) canceled holiday events. Further, wage
earners in 17% of families picked up extra hours during the
holidays to offset medical expenses, meaning less time spent with
friends and family.
Regrets: The 'Ghost of Health Insurance Past'
Other findings from the Aflac survey indicate many U.S. families
deal with health insurance remorse, with 42% of families
saying they made health care coverage decisions they regretted
within the past two years. Top reasons for regret include choosing
a plan with limited benefits, going to an out-of-network provider,
choosing too high a deductible and not sufficiently researching
their benefits.
In addition, financial fears affect continued access to health
care year-round, not just during the holidays, with 35% of families
reporting that they have postponed their own medical appointments
and 24% having postponed taking a family member to see a medical
professional due to medical costs concerns.
"The annual benefits open enrollment season, which is underway
at many U.S. workplaces right now, is an opportunity to address
these regrets and help ensure individuals and families have
adequate coverage," Ruff added. "Looking at everything an employer
offers and applying for supplemental insurance like that offered by
Aflac can help provide an extra layer of financial protection and
help hard-working American families with expenses health insurance
doesn't cover."
Survey findings on all individuals, not just those with
children, are also available. Across all groups, the results held
steady, with more than half (53%) of individuals reporting they had
to make some type of sacrifice or hard decision during the holiday
season because of medical costs. Specifically, 1 in 5 said they had
to spend less on holiday gifts (21%) or rely on a credit card (20%)
in the past two years due to medical cost concerns.
Learn more about the financial impact of health care issues at
Aflac.com/HCI.
Methodology
The 2019 Aflac Health Care Issues Survey
is a national online survey of 1,127 U.S. adults fielded in
October 2019 by Hill+Knowlton
Strategies. To learn more about the survey findings, visit
Aflac.com/HCI.
About Aflac Incorporated
Aflac Incorporated (NYSE:
AFL) is a Fortune 500 company helping provide protection to more
than 50 million people through its subsidiaries in Japan and the U.S., where it is a leading
supplemental insurer, by paying cash fast when policyholders get
sick or injured. For more than six decades, insurance policies of
Aflac Incorporated's subsidiaries have given policyholders the
opportunity to focus on recovery, not financial stress. Aflac Life
Insurance Japan is the leading provider of medical and cancer
insurance in Japan, where it
insures 1 in 4 households. Through its trailblazing One Day
PaySM initiative in the United
States, for eligible claims, Aflac can process, approve and
electronically send funds to claimants for quick access to cash in
just one business day. For 13 consecutive years, Aflac has been
recognized by Ethisphere as one of the World's Most Ethical
Companies. In 2018, Fortune magazine recognized Aflac as one of the
100 Best Companies to Work for in America for the 20th consecutive
year, and in 2019, Fortune included Aflac on its list of World's
Most Admired Companies for the 18th time. To find out more about
One Day PaySM and learn how to get help with expenses
health insurance doesn't cover, get to know us at Aflac.com.
Aflac herein means American Family Life Assurance Company of
Columbus and American Family Life
Assurance Company of New York.
WWHQ | 1932 Wynnton Road | Columbus,
GA 31999.
Media contact — Kristen
Fraser, 706.580.3813 or mediarelations@aflac.com
Analyst and investor contact — David A. Young, 706.596.3264, 800.235.2667 or
dyoung@aflac.com
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SOURCE Aflac Incorporated