Post by ashliy on Feb 12, 2022 13:18:32 GMT
Even insured Americans lack funds for out-of-pocket medical costs, new Aflac Care Index shows
COLUMBUS, Ga., Feb. 8, 2022 /PRNewswire/ -- Insured, but still exposed – that's what Aflac, a leading provider of supplemental insurance in the U.S., discovered in its inaugural Aflac Care Index. This survey of more than 6,500 adults was designed to help measure Americans' awareness of and exposure to debt resulting from medical bills not covered by health insurance – and findings revealed that a staggering 46% of respondents do not have enough savings set aside to pay for potential unexpected medical expenses, even when they have insurance. For those living in economically distressed communities, that percentage is even higher.
"The Aflac Care Index reveals that the high cost of health care is a huge problem for the uninsured, but they are not alone, as even among those who have health insurance, nearly half say that they could not pay for costs that are not covered by their insurance," said Aflac U.S. President Teresa White. "As a company that cares for our neighbors, our employees and our communities, we want to utilize this information to help address this national challenge head on. No one should have to choose between daily living expenses and paying medical bills, which unfortunately, is how many Americans are forced to live today."
According to the Aflac Care Index, 24% of respondents report having no money in their savings accounts and 48% say they have $1,000 or less. Further exacerbating the situation is that 33% of insured Americans cannot go more than one week without a paycheck, while 71% cannot endure a month without pay, leading many (25%) to have to borrow money in the event of a medical emergency, almost a quarter (22%) saying they would need to find an additional job, and 6% would have to file bankruptcy. At the same time, approximately three-quarters of insured respondents underestimate their financial exposure to common medical challenges, such as heart disease (79%) and breast cancer (73%).
"Millions of Americans are forced to make difficult health-related decisions every day, often delaying treatment or incurring debt due to the high costs of health care," said Shannon Watkins, Chief Brand and Marketing Officer for Aflac. "The most important thing Americans can do to avoid the impact of medical debt is to be prepared. Make sure you assess your out-of-pocket maximum in relation to your savings, take steps to boost your rainy-day fund and prioritize preventative care to identify where you may be vulnerable based on your family history. Supplemental insurance, like Aflac, is also a potential solution, as it is designed to help close the gaps between what health insurance covers and does not."
www.prnewswire.com/news-releases/even-insured-americans-lack-funds-for-out-of-pocket-medical-costs-new-aflac-care-index-shows-301477078.html
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This shouldn't be happening.
COLUMBUS, Ga., Feb. 8, 2022 /PRNewswire/ -- Insured, but still exposed – that's what Aflac, a leading provider of supplemental insurance in the U.S., discovered in its inaugural Aflac Care Index. This survey of more than 6,500 adults was designed to help measure Americans' awareness of and exposure to debt resulting from medical bills not covered by health insurance – and findings revealed that a staggering 46% of respondents do not have enough savings set aside to pay for potential unexpected medical expenses, even when they have insurance. For those living in economically distressed communities, that percentage is even higher.
"The Aflac Care Index reveals that the high cost of health care is a huge problem for the uninsured, but they are not alone, as even among those who have health insurance, nearly half say that they could not pay for costs that are not covered by their insurance," said Aflac U.S. President Teresa White. "As a company that cares for our neighbors, our employees and our communities, we want to utilize this information to help address this national challenge head on. No one should have to choose between daily living expenses and paying medical bills, which unfortunately, is how many Americans are forced to live today."
According to the Aflac Care Index, 24% of respondents report having no money in their savings accounts and 48% say they have $1,000 or less. Further exacerbating the situation is that 33% of insured Americans cannot go more than one week without a paycheck, while 71% cannot endure a month without pay, leading many (25%) to have to borrow money in the event of a medical emergency, almost a quarter (22%) saying they would need to find an additional job, and 6% would have to file bankruptcy. At the same time, approximately three-quarters of insured respondents underestimate their financial exposure to common medical challenges, such as heart disease (79%) and breast cancer (73%).
"Millions of Americans are forced to make difficult health-related decisions every day, often delaying treatment or incurring debt due to the high costs of health care," said Shannon Watkins, Chief Brand and Marketing Officer for Aflac. "The most important thing Americans can do to avoid the impact of medical debt is to be prepared. Make sure you assess your out-of-pocket maximum in relation to your savings, take steps to boost your rainy-day fund and prioritize preventative care to identify where you may be vulnerable based on your family history. Supplemental insurance, like Aflac, is also a potential solution, as it is designed to help close the gaps between what health insurance covers and does not."
www.prnewswire.com/news-releases/even-insured-americans-lack-funds-for-out-of-pocket-medical-costs-new-aflac-care-index-shows-301477078.html
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This shouldn't be happening.