The document summarizes key findings from the 2015 Aflac WorkForces Report on American workers' financial preparedness and concerns. It finds that over half of Americans have less than $1,000 on hand for medical expenses and many underestimate costs. Workers report high medical bills have hindered savings and forced some to use credit cards or borrow from retirement funds. Many Americans also lack financial literacy and planning, with most not saving adequately for retirement or unexpected expenses. The report indicates financial issues negatively impact workers' productivity and job satisfaction.
People who want to make a difference are often attracted to public service, where a willingness to meet the challenges facing society is a critical competency. One leading reward for their dedication has typically been a stable pension. But the 2008 financial crisis derailed expected growth in government pension funds, leaving pensions in a state of crisis.
Understanding the vocabulary of health insurance helps in selecting and using coverage effectively. eHealthInsurance commissioned a national study to determine public awareness of select health insurance terminology and the specifics of health insurance coverage. Americans admit to a health insurance vocabulary deficit.
Only a fourth (23%) feel they are very sure of what the terminology used in their health insurance policy actually means.
A third are somewhat sure of what the terminology actually means (32%).
One-fourth are not very sure (13%) or have no idea (10%) what the terminology used in their health insurance policy means.
One-fifth report they don’t have health insurance (21%).
The public demonstrates its lack of familiarity with health insurance terminology by not knowing what some of the key abbreviations stand for.
Only one-third of Americans (36%) can volunteer that HMO stands for health maintenance organization.
Only one-fifth (20%) recall that PPO stands for Preferred Provider Organization.
Only one out of nine (11%) recalls that HSA stands for Health Savings Account.
When asked how sure they were with some of the specifics of their health insurance policy, most people said they were very sure of the amount of their co-payment (61%), but half or fewer were very sure they knew the amounts of other basic elements of their coverage:
Half said they were very sure of what they paid for their health insurance premiums (50%).
45% were very sure of their annual deductible.
41% were very sure of the level of their plan’s co-insurance.
35% were very sure of their maximum annual out-of-pocket costs.
For each of these items, one-fifth indicated that the questions were not relevant since they did not have health insurance (21%).
Insights into the importance of healthcare planning and how financial advisory firms can get started today. Connect with us today at www.caribouwealth.com
Military Family Financial Transitions: Handling Changes to Income, Benefits &...milfamln
Military service members and their families encounter numerous transitions throughout their military careers, including entering active duty, deployments, transferring from one duty station to another, leaving active duty to enter the reserve component or making the transition back to civilian life. Each of these transitions impact a military family’s financial situation. This 90 minute interactive webinar will review research on military family financial issues including family transitions on pay, benefits, and money management practices. Spousal financial concerns will be discussed. Resources will be shared.
Effect of State Regulations on Health Insurance PremiumseHealth , Inc.
Overall, these results provide solid evidence that the state-level regulations of health insurance are correlated with higher premiums. The regression model estimates that the presence of health plan liability laws increases monthly premiums by $21.84. Laws that give subscribers direct access to specialists increase monthly premiums by $31.15. Provider due process laws increase premiums by
$16.62. Finally, each additional mandated benefit increases premiums by $0.75. All of these findings achieve statistical significance.
White Paper: Financial Literacy for Employees - Understanding What Makes an E...Frank Wiginton
Part 1 in a 3 part series on defining financial literacy in the workplace. Part 1 explains what makes an effective financial education program for employees.
Meghan Hoyer: "Will the Silver Tsunami Send Medicare into the Red?" 12.17.15reportingonhealth
Meghan Hoyer's slides from the Center for Health Journalism webinar "Will the Silver Tsunami Send Medicare into the Red?" 12.17.15
http://www.centerforhealthjournalism.org/content/will-silver-tsunami-send-medicare-red
Single Payer Systems: Equity in Access to Caresoder145
Presentation by Lynn Blewett at "The True Workings of Single Payer Systems: Lessons or Warnings for U.S. Reform' conference sponsored by the Journal of Health Politics Policy and Law, May 10 2008.
Many of your employees may not feel well but they aren't physically ill. Instead, what they lack is "financial wellness," a hot topic in many companies these days. In a nutshell, they're worried about making ends meet today as well as in the future, and that can take a toll on their productivity. Should you try to do anything about it? And, if so, what?
Many factors affect a healthcare organization’s ability to provide quality patient care. But the most powerful key to better patient outcomes isn’t vanguard medical technology, an organization’s number of specialty providers, or even add-on programs designed to promote preventative care. Instead, recent research and practical in-the-field experience demonstrates that healthcare
organizations can create the most profound improvements in patient care and satisfaction levels simply by improving employee engagement.
The Affordable Care Act has brought changes that businesses can’t ignore.
Aflac surveyed 314 brokers, 5,209 American workers and 1,856 business decision-makers to determine the impact health care reform is having on brokers’ business models and employers’ benefit offerings.
The results show the growing importance of voluntary insurance benefits.
People who want to make a difference are often attracted to public service, where a willingness to meet the challenges facing society is a critical competency. One leading reward for their dedication has typically been a stable pension. But the 2008 financial crisis derailed expected growth in government pension funds, leaving pensions in a state of crisis.
Understanding the vocabulary of health insurance helps in selecting and using coverage effectively. eHealthInsurance commissioned a national study to determine public awareness of select health insurance terminology and the specifics of health insurance coverage. Americans admit to a health insurance vocabulary deficit.
Only a fourth (23%) feel they are very sure of what the terminology used in their health insurance policy actually means.
A third are somewhat sure of what the terminology actually means (32%).
One-fourth are not very sure (13%) or have no idea (10%) what the terminology used in their health insurance policy means.
One-fifth report they don’t have health insurance (21%).
The public demonstrates its lack of familiarity with health insurance terminology by not knowing what some of the key abbreviations stand for.
Only one-third of Americans (36%) can volunteer that HMO stands for health maintenance organization.
Only one-fifth (20%) recall that PPO stands for Preferred Provider Organization.
Only one out of nine (11%) recalls that HSA stands for Health Savings Account.
When asked how sure they were with some of the specifics of their health insurance policy, most people said they were very sure of the amount of their co-payment (61%), but half or fewer were very sure they knew the amounts of other basic elements of their coverage:
Half said they were very sure of what they paid for their health insurance premiums (50%).
45% were very sure of their annual deductible.
41% were very sure of the level of their plan’s co-insurance.
35% were very sure of their maximum annual out-of-pocket costs.
For each of these items, one-fifth indicated that the questions were not relevant since they did not have health insurance (21%).
Insights into the importance of healthcare planning and how financial advisory firms can get started today. Connect with us today at www.caribouwealth.com
Military Family Financial Transitions: Handling Changes to Income, Benefits &...milfamln
Military service members and their families encounter numerous transitions throughout their military careers, including entering active duty, deployments, transferring from one duty station to another, leaving active duty to enter the reserve component or making the transition back to civilian life. Each of these transitions impact a military family’s financial situation. This 90 minute interactive webinar will review research on military family financial issues including family transitions on pay, benefits, and money management practices. Spousal financial concerns will be discussed. Resources will be shared.
Effect of State Regulations on Health Insurance PremiumseHealth , Inc.
Overall, these results provide solid evidence that the state-level regulations of health insurance are correlated with higher premiums. The regression model estimates that the presence of health plan liability laws increases monthly premiums by $21.84. Laws that give subscribers direct access to specialists increase monthly premiums by $31.15. Provider due process laws increase premiums by
$16.62. Finally, each additional mandated benefit increases premiums by $0.75. All of these findings achieve statistical significance.
White Paper: Financial Literacy for Employees - Understanding What Makes an E...Frank Wiginton
Part 1 in a 3 part series on defining financial literacy in the workplace. Part 1 explains what makes an effective financial education program for employees.
Meghan Hoyer: "Will the Silver Tsunami Send Medicare into the Red?" 12.17.15reportingonhealth
Meghan Hoyer's slides from the Center for Health Journalism webinar "Will the Silver Tsunami Send Medicare into the Red?" 12.17.15
http://www.centerforhealthjournalism.org/content/will-silver-tsunami-send-medicare-red
Single Payer Systems: Equity in Access to Caresoder145
Presentation by Lynn Blewett at "The True Workings of Single Payer Systems: Lessons or Warnings for U.S. Reform' conference sponsored by the Journal of Health Politics Policy and Law, May 10 2008.
Many of your employees may not feel well but they aren't physically ill. Instead, what they lack is "financial wellness," a hot topic in many companies these days. In a nutshell, they're worried about making ends meet today as well as in the future, and that can take a toll on their productivity. Should you try to do anything about it? And, if so, what?
Many factors affect a healthcare organization’s ability to provide quality patient care. But the most powerful key to better patient outcomes isn’t vanguard medical technology, an organization’s number of specialty providers, or even add-on programs designed to promote preventative care. Instead, recent research and practical in-the-field experience demonstrates that healthcare
organizations can create the most profound improvements in patient care and satisfaction levels simply by improving employee engagement.
The Affordable Care Act has brought changes that businesses can’t ignore.
Aflac surveyed 314 brokers, 5,209 American workers and 1,856 business decision-makers to determine the impact health care reform is having on brokers’ business models and employers’ benefit offerings.
The results show the growing importance of voluntary insurance benefits.
The 2016 Aflac WorkForces Report is the sixth annual Aflac employee benefits study examining benefits trends and attitudes. The study reveals a portrait of the U.S. workforce, how benefits affect retention and what employees are saying about benefits options. Be familiar with what’s available to you.
Is Your Business Under Financial Stress?Sonia Gabriel
Unhappy employees can cost you a great deal of money. Standard major medical benefits is not enough when a major event leaves them paying in the thousands.
The Rising Costs of Medical Bills Vest 2017Cameron Leids
Medical Bills and Healthcare costs have been increasing. Vest walks you through the current trends across the industry and what needs to be done in order to combat them.
Awr presentation-overview-employer-and-employee-resultsRon McIntyre
This is a recap of an Aflac Workforce report that was released in April, 2014. Very relevant data for businesses today. Affects businesses of all sizes and ultimately how your employees engage.
Reaching Consumers in the Third Open Enrollment Period: Who Are They and What...Enroll America
The webinar featured the latest research on the remaining uninsured and those currently enrolled in marketplace coverage who need to renew, and what messages these consumers need to hear in the third enrollment period.
The number of patients with high-deductible plans continues to grow. Effective collection of patient financial responsibilities must be a priority for a practice to stay on the path of financial health. Download this eBook to learn key straegies for optimizing patient collections.
Larry Levitt: Is Employee Health Insurance Failing Americans?reportingonhealth
Larry Levitt's slides from the Center for Health Journalism webinar, "Is Employee Health Insurance Failing Americans?" 7.23.19
More info: https://www.centerforhealthjournalism.org/content/employee-health-insurance-failing-americans
Similar to Aflac employee Financial-Fact-Sheet (20)
Larry Levitt: Is Employee Health Insurance Failing Americans?
Aflac employee Financial-Fact-Sheet
1. AFLAC|WORKFORCESREPORT|2015 FACTSHEET
Percent of
responses
Agree they wouldn’t be able to adjust to the large financial costs associated with
a serious injury or illness.*
67%
Agree they regularly underestimate the total costs of an injury or illness,
including medical, household and out-of-pocket expenses.*
68%
Agree their families are financially prepared for an unexpected emergency.* 68%
Are currently dealing with high medical bills. 12%
Have less than $1,000 on hand to pay unexpected out-of-pocket medical
expenses.
52%
Have less than $500 on hand to pay out-of-pocket medical expenses. 28%
*Agree = Completely, strongly or somewhat agrees
Changes to the way health insurance is delivered and purchased mean more Americans than
ever have access to the critical financial protection provided by major medical coverage. That’s
good news – and it’s even better news when it’s paired with evidence of a resurgent economy.
Unfortunately, the financial upswing hasn’t yet trickled down to U.S. workers’ bank accounts:
The 2015 Aflac WorkForces Report reveals that people throughout the nation are struggling with
money issues, and it’s not an exaggeration to state that many are just one injury or illness from
financial disaster.
Living on the edge
The improving economy may mean better raises and bonuses down the road for U.S.
employees, but years of reduced or eliminated raises and bonuses have left some workers in
financial turmoil. In many cases, their health care costs – including premiums, deductibles and
out-of-pocket expenses – have gobbled up their raises and more. The backslide in take-home
pay has left many walking financial tightropes, and even seemingly minor medical expenses
threaten to send them tumbling. Consider these employee facts:
Workers’ financial woes
The insurance landscape has changed, but workers’
financial woes remain the same
The credit conundrum
While credit is useful in a pinch, building up a large amount of debt is a financial misstep. Many
Americans whose budgets are stretched to the max are forced to use credit to cover medical
2. PAGE 2
Percent of
responses
Do not have financial plans in place. 45%
Are currently coping with financial challenges. 34%
Are concerned about reducing debt. 39%
Are not very or at all confident about their financial futures. 22%
Will be older than they expected when they retire. 40%
Agree that financial unpreparedness is their reason for delaying retirement*
(Among those who agree their retirement age will be older than anticipated).
82%
Agree their goals and dreams are financially protected.* 66%
*Agree = Completely, strongly or somewhat agrees
Employees say…
Percent of
responses
Medical bills have greatly hindered their ability to save.* 42%
They’d have to use a credit card and/or borrow from their 401(k) or other
retirement account to pay out-of-pocket costs associated with an unexpected
serious illness or accident.
44%
They’ve been contacted by collection agencies about outstanding medical bills
and/or their credit scores were negatively affected by high medical costs.
17%
They’ve missed car, credit card and/or rent or mortgage payments due to high
medical costs.
9%
They’ve had to make cuts or sacrifices to save money.* 74%
*Includes survey participants who completely, strongly or somewhat agree
bills, and the 2015 Aflac WorkForces Report reveals there are often serious consequences.
Employees say medical costs are affecting their credit scores, keeping them from paying other
bills and thwarting their efforts to save for rainy days or retirement.
Are Americans financially literate?
The WorkForces Report reveals that many Americans aren’t making the connection between
the monetary decisions they make today and the repercussions those decisions will have far in
the future. Financial literacy is low, with the majority of workers neglecting not only to save for
tomorrow but for eventual retirement. In fact, employees reported that they:
3. PAGE 3
Percent of
responses
Percentage of workers who named personal financial issues as the top
nonwork-related issue that distracts them on the job.
20%
Percentage of workers who are extremely satisfied with their benefits packages. 13%
Percentage of workers who say an overall benefits package is influential in their
decision to leave a current employer.*
76%
Percentage of workers likely to take a job with slightly lower pay but more
robust benefits.**
59%
Percentage of workers who are likely to look for a new job in the next 12 months.** 49%
Percentage of workers likely to look for new jobs in the next 12 months who say
improving their benefits package is one way their employer could keep them in
their current job.**
45%
*Influential = extremely, very and somewhat influential
**Likely = extremely, very and somewhat likely
Financial unpreparedness has many Americans tossing and turning: Just 43 percent of those
surveyed completely or strongly agree that, given their financial situations, they have peace of
mind that allows them to sleep at night.
Employers feel the sting of workers’ financial concerns
Why should employers be concerned about their workers’ financial stress? Because those
concerns follow employees to work and can result in decreased productivity, workers are
distracted. Here are just a few reasons employers should put together strong benefits
packages and market those packages to employees with clear, concise and relevant
communications.
Location, location, location…
Apparently, location matters in issues other than real estate, because the Aflac WorkForces
Report reveals that top health care concerns and related financial issues vary by region. Here’s
a look at how things shape up in the Midwest, Northeast, South and West:1
Midwestern employees are more likely than those of any other region to have been
contacted by a collection agency about unpaid medical bills.
Employees in the Northeast are slightly more likely than those of all other regions to
consider voluntary benefits an important part of a comprehensive benefits plan.
Southern workers are less likely than those in all other regions to prefer face-to-face
meetings for communications about their employee benefits options.
Employees in Western states are more likely than those in any other region to say they’d
need to borrow from a 401(k) and/or use a credit card to cover unexpected medical costs.
4. N150091 4/15
AFLAC|WORKFORCESREPORT|2015 FACTSHEET
About the study
The 2015 Aflac WorkForces Report is the fifth annual Aflac employee benefits study examining
benefit trends and attitudes. The study, conducted in Jan. 2015 by Research Now, captured
responses from 1,977 benefits decision-makers and 5,337 employees from across the United
States. To learn more about the Aflac WorkForces Report, visit AflacWorkForcesReport.com.
1
For the purposes of the Aflac WorkForces Report, Midwestern states include Illinois, Indiana
Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota
and Wisconsin. Northeastern states include Connecticut, Maine, Massachusetts, New
Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. Southern
states include Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky,
Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas,
Virginia and West Virginia. Western states include Alaska, Arizona, California, Colorado, Hawaii,
Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming.
This article is for informational purposes only and is not intended to be a solicitation.
