A new study from Columbus, Ga.-based
Based on an online survey of more than 2,000 benefits decision makers and more than 4,000 U.S. workers, the 2011 Aflac WorkForces Report found that that 51% of workers are not very or not at all prepared to pay for out-of-pocket expenses not covered by major medical insurance. Moreover, 31% acknowledged having less than $500 in savings for emergency expenses.
“About half of the workers we surveyed said they’re already struggling with financial stress,” said Audrey Tillman, EVP of Corporate Services at Aflac. “It shows how close to the edge many people are and how an unexpected accident or illness could make things even more challenging, financially.”
Perhaps more troubling, the numbers indicate a "it won't happen to me" attitude among respondents, with only 19% of employees think it likely they or a family member will be diagnosed with a chronic illness, such as heart disease or diabetes, and 13% said they thought a serious illness like cancer will occur or that there will be a need for long-term care. Similarly, only 9% foresee a long-term hospital stay, 8% think they or a family member will become disabled, and just 9% think they will be in a car accident.
However, the numbers tell a different a story. according to the National Safety Council, more than 25 million people in the United States suffered accident-related disabling injuries in 2008 with 13 million incidents happening at home and more than 5 million involving motor vehicles. The American Heart Association reports nearly one in three deaths in 2006 was caused by a form of cardiovascular disease, including coronary heart disease and stroke.
“Businesses have a responsibility to educate employees about the risks of being unprepared for the unexpected and should offer workplace benefits which meet that need,” Tillman added. “And workers need to take better control of their futures by realizing financial well being is tied to their health.”
