Workers Financial Crisis: Lack of Preparedness
Many workers are not financially prepared for out-of-pocket expenses related to illness or injury, facing high medical bills, collection agencies, and credit score issues. A significant percentage has minimal savings to cover unexpected medical costs and would resort to borrowing from retirement accounts or family. This highlights the financial vulnerability of a large portion of the workforce.
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Many workers are facing financial crisis 42% say they are not at all or not very prepared to pay for out-of-pocket expenses associated with a serious illness or injury. 69% of workers at least somewhat agree that they regularly underestimate the total cost of an injury or illness, including medical, household and OOP expenses. 13% are currently dealing with high medical bills. Nearly one-quarter (24%) of the workforce has been contacted by a collection agency due to medical costs and/or had their credit score negativelyimpacted. 10% of workers have missed bill payments due to high medical costs. Source: 2014 Aflac WorkForces Report Z140813 This article is for informational purposes only and is not intended to be a solicitation. 8/14 Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York. WWHQ | 1932 Wynnton Road | Columbus, GA 31999.
Workers are not financially prepared 42% say they are not at all or not very prepared to pay for out-of-pocket expenses associated with a serious illness or injury. 49% of employees have $1,000 or less to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. 27% of employees have less than $500 available to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. 39% of workers would have to borrow from their 401(K) and/or from friends and family to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. Source: 2014 Aflac WorkForces Report Z140814 8/14 This article is for informational purposes only and is not intended to be a solicitation. Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York. WWHQ | 1932 Wynnton Road | Columbus, GA 31999.
Workers are not financially prepared 42% say they are not at all or not very prepared to pay for out-of-pocket expenses associated with a serious illness or injury. 49% of employees have $1,000 or less to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. 27% of employees have less than $500 available to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. 39% of workers would have to borrow from their 401(K) and/or from friends and family to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. Source: 2014 Aflac WorkForces Report Z140815 8/14 This article is for informational purposes only and is not intended to be a solicitation. Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York. WWHQ | 1932 Wynnton Road | Columbus, GA 31999.
Workers are not financially prepared 42% say they are not at all or not very prepared to pay for out-of-pocket expenses associated with a serious illness or injury. 49% of employees have $1,000 or less to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. 27% of employees have less than $500 available to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. 39% of workers would have to borrow from their 401(K) and/or from friends and family to pay for out-of-pocket expenses associated with an unexpected serious illness or accident. Source: 2014 Aflac WorkForces Report Z140816 8/14 This article is for informational purposes only and is not intended to be a solicitation. Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York. WWHQ | 1932 Wynnton Road | Columbus, GA 31999.
