Fall is also a fabulous time to check off a few items on that never ending to-do list. You will definitely want to break out your sweaters & boots to replace all those sundresses hanging in your closet. Cleaning out your home from a summer of non-stop kiddo playtime fun messes wouldn't be a bad idea either!!! And since you're on such a roll knocking things off that to-do list, reviewing your current insurance and other insurance options during your company’s open enrollment period should be something you knock off that list as well!
Insurance can be an intimidating purchase for us Millennials, yes even for those of us on the older end of the sphere! There are just so many types of plans available that it can get pretty overwhelming, usually resulting in us just throwing our hands up and saying screw this & picking a plan without doing too much research. Whatever you do though PLEASE don't do that! It is really important to know the facts and know what exactly your insurance can do for you. After all, you research other big purchases in your life, such as that shiny new car sitting in your driveway & that smartphone in your hand. Shouldn’t you put that research into what you’re trusting to protect you in the event of an illness or an injury?
Trust me, I get it – researching insurance isn’t exactly fun. In fact, many millennials would rather be doing almost anything else rather than completing their annual benefits enrollment & Aflac knows that! Here are a few things thatAflac found out Millennials would rather be doing with their time than looking into voluntary insurance (Aflac Open Enrollment Survey, 2016)!
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.
HDHPs are rising in popularity, but the sad thing is many millennials do not have a choice! More than half (60%) of millennials selected a major medical/health insurance plan with a high deductible of $1,000 or more last year, up from 48% who said the same in 2015 (Aflac Open Enrollment Survey, 2016).
Yet, many millennials who chose a HDHP had second thoughts, according to the 2016 Aflac Open Enrollment Survey:
38% completely or strongly agree that they regret choosing a HDHP
43% completely or strongly agree that their HDHP was financially detrimental for themselves and/or their family!
This may stem from a lack of understanding. Nearly one-third (32%) at least somewhat agree that they did not understand how a HDHP really works. However, more and more millennials do not have a choice. Of the 60% that selected a HDHP last year, 68% said it was their only option (Alfac Open Enrollment, 2016).
Millennials who do choose, or are forced into, a HDHP may want to encourage their employer to ensure they have other benefits options available. 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.
Regardless of whether you’re single, married or have children, life is meant to be enjoyed and voluntary insurance is a low-risk expensethat makes financial sense for people looking to do just that.The truth is, even when suffering from a health event, bills must be paid. Yet, 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.
You shouldn’t have to dip into vacation funds, holiday budgets or savings to maintain your lifestyle, and with voluntary insurance like Aflac’s, you have access to cash benefits that pay you directly (unless otherwise assigned) and quickly – helping to give you financial support and peace of mind.
This open enrollment, make sure you are doing your due diligence and do your research when selecting a health care plan! Know the basics of the plan, your financial responsibility, and consider the benefits of voluntary insurance!
If you like what you have read and want more information about voluntary insurance and how to make sure you’re picking the right policy for you and your current needs, head over to aflac.com!
Have you taken advantage of open enrollment this fall?