COLUMBUS, Ga., Nov. 2, 2016 /PRNewswire/ -- Nearly half (49
percent) of working mothers surveyed do not have enough money to
cover their health insurance deductible if they needed to do so
today, according to a new survey from Aflac, the leader in
voluntary insurance sales at the worksite in the United States, and Working Mother
magazine. Working mothers are often the lead decision-makers in
their families when it comes to health care, yet the increasing
popularity of high-deductible health plans (HDHPs) combined with
stagnant wages is making it difficult for many to maintain their
lifestyle when faced with a medical event.
Approximately half of debt collections on consumer credit
reports and bankruptcies in the United
States are attributed to medical debt,1 making it
essential to have funds available for unforeseen medical costs.
However, the survey found that 62 percent of working mothers who
responded have never set aside money to save for their health
insurance deductible, with 56 percent noting the reason they
haven't set aside money is because they do not have extra cash on
hand to save for anything.
The Aflac + Working Mother Survey was conducted in September 2016 by AYTM Research on behalf of
Aflac and Working Mother magazine. Those surveyed included 1,000
U.S. adult women who work full time, have at least one child under
age 18 living at home and have major medical/health insurance.
Family funds vs. family fun
Health care costs not only
impact financial health, but can also take away from money set
aside for family activities and savings. More than half (54
percent) of working mothers surveyed have had to divert funds away
from something else in order to pay medical expenses. Of those:
- 56 percent diverted funds away from family vacations;
- 49 percent from family activities such as date nights, sporting
events, concerts or movies;
- 23 percent from children's holiday or birthday gifts; and
- 21 percent from children's college funds.
This could be a result of the rise in families with HDHPs.
Forty-three percent of respondents said they were enrolled in a
health plan with a deductible of $1,000 or more. The higher the deductible, the
harder it can be to pay it.
"This new data shows clearly the financial stress that working
families are under as health insurance deductibles rise," says
Jennifer Owens, editorial director
at Working Mother Media. "We all know we should be saving for our
retirement and our kids' college funds, but the need to cover a
health insurance deductible is a real concern for us, too,
especially since the need to tap in to our benefits can come as a
surprise."
Utilizing available resources is key
Many employers
understand the growing responsibility placed on their employees,
especially mothers, and are offering resources to help mitigate
financial risk when it comes to health care costs. The working
mothers surveyed highlighted the following resources their
employers provide to help them make better health care
decisions:
- Voluntary insurance (45 percent);
- Employer funding of health savings account (HSA) to help meet
insurance deductibles (35 percent); and
- One-on-one meetings with a benefits consultant during open
enrollment (33 percent).
Not surprising, voluntary insurance is at the top of the list.
Voluntary insurance policies supplement major medical insurance to
offer extended protection and peace of mind. The Aflac + Working
Mother Survey showed that dental (78 percent), life (69 percent)
and vision (64 percent) insurance are the most popular voluntary
benefits among working mothers, but for those struggling to save
for their deductible, it is important to also consider investing in
additional voluntary products that assist in paying larger medical
bills. For example, critical illness, accident and short-term
disability insurance can help provide needed financial assistance
if an unexpected injury or illness leaves a mother unable to work
or with accumulating medical bills.
"As some of the hardest working people in the world, working
mothers deserve to have stress-free time with their families
without having to worry if they are protected from an unforeseen
financial burden," said Brenda
Mullins, vice president of Human Resources and chief people
officer at Aflac. "By investing in voluntary insurance coverage,
they can leave their worry behind knowing they are prepared for
out-of-pocket costs should an unexpected illness or injury
occur."
To learn more about the Aflac + Working Mother Survey, visit
aflac.com/workingmother or follow @aflac and @_workingmother_ on
Twitter.
About the Aflac + Working Mother Survey
The Aflac +
Working Mother Survey was conducted via online panel in
the United States between
Sept. 22-27, 2016, among 1,000 women
age 18+ who work full time, have at least one child under age 18
living at home and have major medical/health insurance. Sample
error for 1,000 respondents is approximately 3.1 percent at 95
percent confidence. Sample was balanced for household income and
geography. A full methodology is available. The survey was
conducted by AYTM Research on behalf of Aflac and Working Mother
magazine.
About Working Mother Media
Working Mother Media (WMM),
a division of Bonnier Corporation (bonnier.com), publishes
Working Mother magazine and its companion website,
workingmother.com. The Working Mother Research Institute
(workingmother.com/wmri), the National Association for Female
Executives (nafe.com) and Diversity Best Practices
(diversitybestpractices.com) are also units within WMM. WMM's
mission is to serve as a champion of culture
change. Working Mother magazine is the only
national magazine for career-committed mothers. Follow us on
Facebook, Twitter, LinkedIn and Pinterest.
About Aflac
When a policyholder gets sick or hurt,
Aflac pays cash benefits fast. For 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 10 consecutive years,
Aflac has been recognized by Ethisphere as one of the World's Most
Ethical Companies. In 2016, Fortune magazine recognized Aflac as
one of the 100 Best Companies to Work For in America for the 18th
consecutive year and included Aflac on its list of Most Admired
Companies for the 15th time, ranking the company No. 1 in
innovation for the insurance, life and health category for the
second consecutive year. In 2015, Aflac's contact centers were
recognized by J.D. Power by providing "An Outstanding Customer
Service Experience" for the Live Phone Channel. 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 espanol.aflac.com.
1 Kaiser Family Foundation, Key Facts about the
Uninsured Population," accessed on Oct. 18,
2016 -
http://kff.org/uninsured/fact-sheet/key-facts-about-the-uninsured-population/#footnote-198942-37
Aflac herein means American Family Life Assurance Company of
Columbus.
Logo -
http://photos.prnewswire.com/prnh/20100423/CL92305LOGO
Aflac media contact – Kristen
Fraser, 706.243.5543 or mediarelations@aflac.com
Aflac analyst and investor contact – Robin Y. Wilkey, 706.596.3264 or 800.235.2667;
FAX: 706.324.6330, or rwilkey@aflac.com
Working Mother media contact – Andrea Kaplan, andreakaplanpr@gmail.com,
917-836-2741
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SOURCE Aflac