Aflac | Workforces Report | 2013 - page 31

In fact, 65 percent of workers agree, “I would be unable
to adjust to the large financial costs associated with a
serious illness or accident.” And only one-quarter of today’s
workforce agrees strongly or completely with the statement
“I have confidence in my ability to cope with the financial
impact of an unexpected medical event.”
Voluntary policies, including critical illness, short-term dis-
ability, accident, dental, life and more, pay the policyholder
directly for unexpected costs associated with serious illness,
injury or loss. Since many of these costs are not covered by
major medical insurance and families do not have extra cash
for these emergencies, voluntary insurance plans help provide
a safety net to protect the policyholder’s assets.
Voluntary benefits provide key advantages
First and foremost, workers want access to voluntary benefits options particularly as they look for products that help them
cover costs that high-deductible health plans do not. In fact, 60 percent of workers say they would purchase voluntary
products if they were offered by their employer.
But beyond satisfying worker demand, Aflac research shows
that workplace benefits and voluntary insurance, specifically,
improve key aspects of the workplace:
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Workers with voluntary benefits are more likely to be
extremely or very satisfied with their benefits than workers
who do not have voluntary benefits offered to them.
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Employees with voluntary coverage are more likely to be
engaged with their benefits.
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»
Employees with voluntary insurance are more likely to say
they are not looking for a new job in the next year vs.
those workers without voluntary insurance.
»
»
Employees with voluntary benefits are more likely to
score higher on multiple HR indicators including job
satisfaction and likelihood to recommend their work-
place to others.
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»
Employees who are offered and enrolled in voluntary
options are significantly more likely to say they have
peace of mind, they understand the total cost of an
injury or illness, and have health insurance as part of
their financial plan.
»
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They are also more likely to have more than $1,000
in savings to pay for an unexpected illness or injury.
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