COLUMBUS, Ga., June 8, 2011 /PRNewswire/ -- Six out of ten
American workers do not have a financial plan in place to deal with
an unexpected and costly life event such as a medical emergency.(1)
That's a key finding of a national study released today
analyzing forces impacting the trends, attitudes, and use of
employee benefits. The 2011 Aflac WorkForces Report found
that 51 percent of workers said they are not very or not at all
prepared to pay for out-of-pocket expenses not covered by major
medical insurance. And 31 percent have less than $500 in savings for emergency expenses. The
2011 Aflac WorkForces Report is an online survey of more
than 2,000 benefits decision makers and more than 4,000 U.S.
workers(2),conducted by Harris Interactive and released by Aflac,
the No. 1 provider of supplemental and guaranteed-renewable
insurance in the United
States.
The study uncovered that a minority of U.S. workers believe an
accident or illness could impact them or a family member. The
2011 Aflac WorkForces Report revealed only 19 percent of
employees think it likely they or a family member will be diagnosed
with a chronic illness, such as heart disease or diabetes, and 13
percent said they thought a serious illness like cancer will occur
or that there will be a need for long-term care. Only nine percent
foresee a long-term hospital stay, eight percent think they or a
family member will become disabled, and just six percent think they
will be in a car accident.
According to the National Safety Council, more than 25 million
people in the United States
suffered accident-related disabling injuries in 2008 with 13
million incidents happening at home and more than 5 million
involving motor vehicles. The total cost of all unintentional
disabling injuries, including items like medical expenses and lost
wages/productivity, was more than $700
billion. The American Heart Association reports nearly one
in three deaths in 2006 was caused by a form of cardiovascular
disease, including coronary heart disease and stroke.
"About half of the workers we surveyed said they're already
struggling with financial stress," said Audrey Tillman, executive vice president of
Corporate Services at Aflac. "It shows how close to the edge many
people are and how an unexpected accident or illness could make
things even more challenging, financially."
When asked how they would pay for out-of-pocket expenses due to
an unexpected illness, 44 percent of workers said they would have
to borrow money from family or friends, tap retirement savings, or
use a credit card. And 19 percent – one out of five people – have
no idea how they would cover the costs.
"Businesses have a responsibility to educate employees about the
risks of being unprepared for the unexpected and should offer
workplace benefits which meet that need," said Tillman. "And
workers need to take better control of their futures by realizing
financial well being is tied to their health."
The 2011 Aflac WorkForces Report also found 66 percent of
workers would purchase additional health insurance benefits to make
sure they are protected(1) and 59 percent said they would acquire
voluntary insurance.
To see this year's inaugural study results and learn more about
how and where individuals are vulnerable because of inadequate
benefits choices, and how people can better protect themselves and
their families against the unknown, visit
www.AflacWorkForcesReport.com.
About the Aflac WorkForces Report
The Aflac WorkForces Report is an annual study analyzing
the forces impacting the trends, attitudes, and use of employee
benefits. Surveying both American workers and business decision
makers, the Aflac WorkForces Report reconciles the
perceptions and realities of benefits in the workplace. The
insights aim to help businesses make informed decisions about
benefits to better protect employees and their bottom line.
Methodology
The 2011 Aflac WorkForces Research was conducted by Harris
Interactive on behalf of Aflac. The research contained two
components of research among the US workforce – Employer research
and Employee research.
The Employer Survey was conducted online within the United States between August 17, 2010 and September 9, 2010 among 2,117 Benefits Decision
Makers. Results were weighted to be representative of US companies
with at least 3 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 in two phases. The first
phase was conducted between August 17,
2010 and September 1, 2010
among 3,035 employed adults aged 18 and older who are employed full
or part time at a company with 3 or more employees and not retired.
Results were weighted as needed for age, gender, education,
race/ethnicity, region, household income and industry. The second
phase was conducted between February 11-15,
2011 among 1,188 employed adults aged 18 and older who are
employed FT/PT and not self-employed. Results were weighted as
needed for age, gender, education, race/ethnicity, region, and
household income. Propensity score weighting was also used to
adjust for respondents' propensity to be online on both phases of
this research. No estimates of theoretical sampling error can be
calculated; a full methodology is available.
About Aflac
When a policyholder gets sick or hurt, Aflac pays cash benefits
fast. For 55 years, Aflac insurance policies have helped provide a
safety net and given policyholders the opportunity to focus on
recovery, not financial stress. In the
United States, Aflac is the number one provider of
guaranteed-renewable insurance. In Japan, Aflac is the number one insurance
company in terms of individual insurance policies in force. Aflac
insurance products provide protection to more than 50 million
people worldwide. For five consecutive years, Aflac has been
recognized by Ethisphere magazine as one of the World's Most
Ethical Companies and by Forbes magazine as one of America's
Best-Managed Companies in the Insurance category. In 2011, Fortune
magazine recognized Aflac as one of the 100 Best Companies to Work
For in America for the 13th consecutive year. Also, Fortune
magazine has included Aflac on its list of Most Admired Companies
10 times. 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 aflacenespanol.com.
(1) This finding was derived from the Aflac WorkForces
Report survey of more than 1,188 workers in February 2011.
(2) The Aflac WorkForces Report included one survey of
more than 2,000 benefits decision makers and two surveys of workers
(one of more than 3,000 workers in September
2010, the other of more than 1,188 workers in February 2011).
(Logo:
http://photos.prnewswire.com/prnh/20100423/CL92305LOGO )
Media Contacts:
Jonathan Freed
Aflac
706.243.5543
mediarelations@aflac.com
Kip Havel
Aflac
706.243.5543
khavel@aflac.com
Cathleen Bleers
Hill & Knowlton
312.255.3123
cathleen.bleers@hillandknowlton.com
SOURCE Aflac