Emergency Savings Surprisingly Low for Tampa-St. Pete Residents

Aflac study shows more than half of area workers have less than $1,000 in savings for unexpected medical expenses.

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Apr 04, 2012, 02:39 ET

TAMPA, Fla., April 4, 2012 /PRNewswire/ -- The 2012 Aflac WorkForces Report revealed that 54 percent of Tampa-St. Petersburg workers have less than $1,000 in savings for emergency expenses and 39 percent have less than $500 — 11 percent higher than the national average. The 2012 Aflac WorkForces Report is an online survey of nearly 1,900 benefits decision-makers and more than 6,100 U.S. workers, conducted in January and February 2012 by Research Now and released by Aflac, the No. 1 provider of supplemental and guaranteed-renewable insurance in the United States.

With more than half (55 percent) of Tampa-St. Pete workers trying to reduce debt, it's no surprise that medical emergency savings accounts are low — but lack of awareness surrounding costly illness and disease may also be to blame. When surveyed, six out of 10 (60 percent) of Tampa-St. Petersburg workers thought it was very or not at all likely they or a family member would be diagnosed with a serious illness like cancer, despite findings from the American Cancer Society (Cancer Facts & Figures 2012) that one in two men and one in three women will be diagnosed with cancer at some point in their lives. Additionally, more than half (51 percent) said they were not very or not at all likely to be diagnosed with a chronic illness, such as heart disease or diabetes.

The 2012 Aflac WorkForces Report found the following:

Nearly six out of 10 (58 percent) don't even have a financial plan to handle the unexpected.
Only 11 percent of area workers strongly agree their family will be financially prepared in the event of an unexpected emergency.
When asked how Tampa-St. Pete employees would pay for out-of-pocket expenses due to an unexpected illness, the survey revealed the following:
- Nearly half (44 percent) said they would have to tap into savings.
- 27 percent would use a credit card to cover the costs.
- 11 percent — one out of 10 people — would have to withdraw funds from their 401(k) plans to cover the costs.

"It's of great concern that our community isn't aware of the overwhelming expenses that can be caused by a medical emergency, often while a family is struggling through the emotional and physical challenges of an unexpected injury or illness," said Christy Brimhall, Aflac state sales coordinator for Tampa-St. Petersburg. "It's critical for employees to understand the benefits offerings that are available through their employers to help avoid being exposed to expensive and unexpected health care costs due to an accident or serious illness."

While the Aflac WorkForces Report found that 49 percent of Tampa-St. Pete workers would be at least somewhat likely to purchase voluntary health insurance plans if offered by their employers, workers are unaware of the savings that can be realized by choosing the right plan. With the added protection voluntary insurance offers to help curb high medical expenses, employees can reduce their worry while focusing on their own health and recovery.

To see the 2012 study results, and learn more about how people can better protect themselves and their families against the unknown, visit AflacWorkForcesReport.com or send an e-mail at [email protected].

Study overview

The Aflac WorkForces Report is an annual employee benefits study examining the forces impacting the trends, attitudes, and utilization of employee benefits. Surveying both American workers and business decision-makers, the Aflac WorkForces Report reconciles the perceptions and realities of benefits in the workplace. The insights aim to help businesses make informed decisions about benefits to better protect their employees and their bottom line.

Research methodology

The 2012 Aflac WorkForces Report was conducted by Research Now on behalf of Aflac. The research contained two components of research among the U.S. workforce — employer research and employee research.

The Employer Survey was conducted online within the United States between January 24, 2012, and February 7, 2012, among 1,876 benefits decision-makers. Results were representative of U.S. companies with at least three employees based on company size (number of employees) and industry. No estimates of theoretical sampling error can be calculated; a full methodology is available.

The Employee Survey was conducted online within the United States between February 7, 2012, and February 23, 2012, among 6,151 employed adults ages 18 and older who are employed full or part time at a company with three or more employees and not retired. The first 3,151 interviews were nationally representative while the remaining 3,000 interviews were conducted among the Top 30 designated market areas (DMAs) — 100 interviews per DMA. Results were weighted as needed for household income. No estimates of theoretical sampling error can be calculated; a full methodology is available.

About Research Now

Research Now is the leading global online sampling and online data collection company. With over six million panelists in 38 countries worldwide, Research Now enables companies to listen to and interact with real consumers and business decision-makers to help them make key business decisions. Research Now offers a full suite of data collection services, including social media sampling, and operates the Valued Opinions™ Panel and e-Rewards® Opinion Panels. The company has a multilingual staff located in 24 offices around the globe and has been recognized for four consecutive years as the industry leader in client satisfaction. For more information, please visit researchnow.com.

About Aflac

When a policyholder gets sick or hurt, Aflac pays cash benefits fast. For more than 55 years, Aflac insurance policies have helped provide a safety net and give policyholders the opportunity to focus on recovery, not financial stress. In the United States, Aflac is the number one provider of guaranteed-renewable insurance. In Japan, Aflac is the number one life insurance company in terms of individual policies in force. Aflac insurance products provide protection to more than 50 million people worldwide. For six consecutive years, Aflac has been recognized by Ethisphere magazine as one of the World's Most Ethical Companies and by Forbes magazine as one of America's Best-Managed Companies in the Insurance category. In 2012, Fortune magazine recognized Aflac as one of the 100 Best Companies to Work For in America for the 14th consecutive year. Also, Fortune magazine included Aflac on its list of Most Admired Companies for the 11th time in 2012. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com or aflacenespanol.com.

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