Recently, a report released by Aflac, which is a Fortune 500 company that focuses on helping people globally, shows that decisions made on insurance plans may be a cause for rising stress levels specifically in the young adult population of the United States. Additionally, people are also less content with their package offers and outcomes and usually incorporate their family history while making further choices regarding insurance.
Officially known as the 2019 Aflac WorkForces Report, the online survey comprised of around two thousand employees and over one thousand and two hundred benefit decision-makers from different parts of the United States.
In accordance with Matthew Owenby, the senior vice president, chief human resources officer at Aflac, the findings are significant in determining what changes to be made in insurance plans and benefits that are most suitable for the unmet needs of the general population.
Additionally, the problem lies not only in the benefits each of the package offered by a variety of insurance companies but also in making people understand whether they need them. The Aflac study shows that around fifty-eight percent of the people find it hard to understand which insurance and benefits are most suited to their needs. The percentage rises with every new generation with sixty-four percent of the Millenials and sixty-eight percent of the Gen Z facing the same difficulties.
Another important finding of the report was the decline in satisfaction levels after the decision-making stage while choosing a particular insurance plan. The Aflac WorkForces Report from 2011 had the highest percentage of contentment among the people (sixty-one percent). However, since 2018, the satisfaction levels have been rapidly declining and many are not happy with the benefits offered by their insurance.
Consequently, many people are likely to go for jobs that have less compensation but offer more benefits. The report shows that approximately one quarter or twenty-five percent of the people do not accept or quit a job due to not being satisfied with the offered benefits.
In making a decision regarding insurance and benefits, family history plays an equally important role. Aflac study reports that around three-quarters or seventy-three percent of employees, including eighty percent of millennials and seventy-five of Gen Z, agreed that their family matters and opinions are fundamental in making decisions associated with insurance plans.
It was also noted that approximately eighty-four percent of the employees took a specific insurance plan to help with the treatment of a family member with a serious disease. Decisions based on covering costs for a disease were especially common in Gen Z (ninety-five percent) as well as Millenials (eighty-nine percent).
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Overall, the report generally highlighted a decrease in the percentage of workers with an understanding of insurance plans, benefits, and outcomes. Around one in five or twenty-two percent of the employees say that they are confused after having their first benefit enrollment.
Secondly, the majority of employers, as well as the employees, believe that there is a need for supplemental health insurance that covers health costs. This can greatly help the workers in cutting down the risk for a financial loss and be more stable.
