This post is sponsored by Aflac. I was compensated for writing it, but all opinions are 100 percent mine.
When you think of fall you probably think of pumpkins, Thanksgiving, and getting ready for the holidays. The last thing you are probably thinking about is health insurance, right?
Well, now is the time to think about it. Fall marks open enrollment season, a time when employees can review their employer-sponsored benefits offerings and choose the health insurance policies that best meet their financial and health care needs.
It probably won’t surprise you to hear that most millennials admit that they don’t fully understand their health care policy. Not only do they not understand it, but they don’t even want to spend the time researching it. I love these numbers, according to the 2016 Aflac Open Enrollment Survey:
- 28% would rather go a day without social media
- 22% would rather eat their least favorite food
- 21% would rather see a movie or concert they know they won’t like
- 17% would rather talk to their ex
- 14% would rather walk across hot coals
- 16% would rather change baby diapers.
Don’t fall into this category! If you make the wrong decisions during open enrollment, it can cost you a lot of money. That’s why I teamed up with Aflac to help you make the best open enrollment decisions.
Health care isn’t cheap. About 4 months ago we had to take Robert to the hospital for a broken arm. We are still paying off those bills. We’ve had to put off payments to other bills. It’s not a good feeling to dip into savings or put medical expenses on a credit card. But that’s exactly what many Americans have to do.
High-deductible health plans (HDHPs), plans that have a deductible of $1,000 or more, are increasing in popularity. But how many of us actually have $1,000 laying around to pay the deductible? The 2016 Aflac WorkForces Report found that 65 % of employees have less than $1,000 to pay out-of-pocket expenses associated with an unexpected serious illness or accident if it occurred today.
It’s important to look through your open enrollment options to see what works best for you. For instance, a health savings account and voluntary insurance can help pay for deductibles and other out-of-pocket costs to give you the freedom to live your life to fullest, instead of being burdened with medical expenses.
I’m kind of loving the idea of voluntary insurance. Here’s the deal: major medical policies pay doctors and hospitals, but voluntary policies pay cash directly to you, the insured (unless otherwise assigned), which means you get decide how the cash is used. Isn’t that amazing? You’re the one paying for insurance, should you have the power to decide how that money is spent?
I can’t help but think of what we would have done with that money when Robert broke his arm. It certainly would have helped.
Voluntary insurance is a low-risk expense that is perfect for everyone, whether you’re single, married of have children. With the holidays right around the corner, you should be focused on enjoying them, not worried whether you’ll have the money to pay for unexpected medical expenses.
Life happens and people get hurt. Make sure you’re financially prepared to deal with the unexpected.
I was selected for this opportunity as a member of CLEVER and the content and opinions expressed here are all my own.
Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York.