A whirlwind of changes to the way health insurance in the United States is purchased and delivered has more Americans focused on cost and coverage than ever before. Suddenly, major medical insurance isn’t just a nice-to-have: It’s a must, much like auto and homeowners insurance are musts for those of us who drive cars or own homes.
Health care reform has turned workers’ attention to their personal health care situations. They’re also looking closely at their insurance coverage to identify gaps that might leave them vulnerable to medical expenses they’re ill-equipped to pay. Enter voluntary insurance, a type of coverage that’s not required or mandated, with enrollment that’s completely optional – which is why it’s known as “voluntary.”
Voluntary insurance works hand in hand with major medical plans to help ensure individuals who are sick or hurt have the funds needed to pay health-related costs their primary insurance might not cover, as well as other out-of-pocket costs. After all, when a medical event occurs, there are deductibles, copayments and treatment costs that may not be covered to consider – not to mention the bills that continue to roll in even if an individual is too ill or injured to work.
According to the 2015 Aflac WorkForces Report, 52 percent of today’s workers have less than $1,000 on hand to pay out-of-pocket medical expenses, and 67 percent at least somewhat agree they would not be able to adjust to the financial costs associated with a serious injury or illness.