Aflac | Workforces Report | 2013 - page 26

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It’s a truism of business that companies must evolve to succeed. Market conditions
fluctuate, customer needs and expectations change and the need for new products
grows. The health insurance industry is no different. There is unprecedented transforma-
tion taking place, resulting in a rising importance and use of voluntary benefits solutions.
A number of factors are contributing to this evolutionary trend, including steadily
rising health care costs, the connection between offering voluntary benefits and em-
ployee satisfaction, and the move towards consumer-driven plans that place addi-
tional financial burden on consumers. Regardless of what type of major medical health
care coverage a person has, the amount of out-of-pocket costs to consumers is growing
higher and higher. The real cost of care, from a broken leg to a serious illness, is simply
more expensive today than it was even five years ago – and that means higher costs
coming out of consumers’ wallets. This is one significant driver behind the growth
of voluntary insurance products, which help workers cover costs that major medical
plans do not.
The rewards of
voluntary benefits
The Rewards of Voluntary cov er age
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