Sixty Percent of Workers in the Nation's Capital Don't Think They're at Risk of an Illness or Accident

Aflac study reveals that workers in the greater Washington, D.C. area admit they are not financially prepared for an unexpected emergency

News provided by

Aflac

Apr 04, 2012, 05:00 ET

WASHINGTON, April 4, 2012 /PRNewswire/ -- Six out of 10 (60 percent) of workers in the greater Washington, D.C. area (Fairfax, Loudoun, Prince William, Stafford, King George, Prince George's, Charles, Mary's, Calvert, Fredrick, Montgomery and Fauquier counties, VA, and, Carroll, Howard, Baltimore and Anne Arundel counties, MD) think it's not very or not at all likely they or a family member will be diagnosed with a serious illness like cancer, and the same percentage said they are not very or not at all likely to be diagnosed with a chronic illness, such as heart disease or diabetes. These key findings are from the 2012 Aflac WorkForces Report, a national online survey of nearly 1,900 benefits decision-makers and more than 6,100 U.S. workers, which was 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.

Workers in the Washington, D.C. area aren't quite as confident about their financial preparedness, with many agreeing they are unprepared to handle the financial consequences of a serious illness or accident in their family. The 2012 Aflac WorkForces Report also discovered the following:

Only eight percent of area workers strongly agree their family will be financially prepared in the event of an unexpected emergency.
More than half (59 percent) of employees in the Washington, D.C. area don't even have a financial plan to handle the unexpected.
Nearly half (42 percent) of workers in the Washington, D.C. area are trying to reduce debt.
40 percent of the workers in the Washington, D.C. area have $1,000 or less in savings for emergency expenses.
When asked how area employees would pay for out-of-pocket expenses due to an unexpected illness
- two-thirds (67 percent) said they would have to tap into savings.
- 31 percent would use a credit card.
- 24 percent -- nearly one in four people -- would have to withdraw funds from their 401(k) plans to cover the costs.

"People across the country, including those in Washington, D.C. area, are overly optimistic about not ever being diagnosed with a serious illness or experiencing an accident. In fact, the American Cancer Society says that one in two men and one in three women will be diagnosed with cancer at some point in their lives(1), and there is a medically consulted injury every second according to the National Safety Council(2)," said David Morningstar, Aflac state sales coordinator for Washington, D.C. "It's disturbing that workers in my community aren't aware of the potential health and financial implications these risks present. Workers in the D.C. area need to understand and take full advantage of available benefits options and, have a financial plan in place to help protect themselves and their families against costly unexpected expenses due to an unforeseen medical crisis."

Employees want added protection and they're relying on their employers to provide access to better insurance coverage. Employers must take on the dual role of benefits advocate and educator to help protect employees and their families in their time of need. Effectively communicating year-round to employees about benefits options, such as voluntary insurance, which can help with high out-of-pocket medical expenses, is essential.

The 2012 Aflac WorkForces Report also found that 52 percent of workers would be at least somewhat likely to purchase voluntary health insurance plans if offered by their employer. Voluntary insurance allows companies to enhance their benefits offerings at no direct cost to the company, differentiate themselves from competitors, and offer workers a choice of additional coverage that best suits their needs.

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].

(1) Cancer Facts and Figures 2012, American Cancer Society.

(2) Injury Facts 2011 edition, National Safety Council.

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.

(Logo: http://photos.prnewswire.com/prnh/20100423/CL92305LOGO )