The autumn air is crisp and chilled, the leaves have turned various shades of orange, yellow, and red and pumpkins are everywhere, on our doorsteps and in our coffee. It is officially fall my friends! The season of change has begun. Seasons are not meant to be static and neither are people. Fall is a great time, in my opinion, to reevaluate certain aspects of your life to determine if they need change as well.
One topic that my husband and I are currently discussing as new parents is health insurance. Open enrollment starts on November 1 so now is the time to review your employer-sponsored benefits offerings and choose the health insurance policies that best meets your needs. To be honest, before we became parents, we never paid much attention to health care costs. We were busy working professionals and rarely needed to use our coverage anyway. A lot of millennials can relate to this. In fact, according to the 2016 Aflac Open Enrollment Survey, more than half (56%) of millennials say there are aspects they don’t understand about their overall health care policy, including elements like deductibles, copays or in-network providers. Now that we have a growing family to care for, however, we see the process of informing ourselves of every option available to us as an important, necessary responsibility.
When my family purchases health insurance, we usually choose high-deductible health plans (HDHPs), at a deductible of $1,000 or more. These types of plans are the most popular among my peers. *Sixty percent of millennials pick similar plans each year. The reason that we tend to pick HDHPs is because they have a lower monthly premium than other plans. However, HDHPs often provide inadequate health care protection and 38% of millennials completely or strongly agree with this.* Why? It’s because major medical policies only pay doctors and hospitals. If something catastrophic were to happen to you or your spouse, who is going to pay your personal bills? Who is going to take care of your family? This is exactly why we have been looking into voluntary insurance and why you should consider doing the same.
What is voluntary insurance?
Aflac Voluntary insurance policies pay cash directly to you, the insured (unless otherwise assigned), when you get sick or hurt. You get to decide how that cash is used so you can focus on recovery, not financial stress. This kind of insurance is a key component of health care. It complements your major medical insurance and adds an additional level of financial protection for yourself and your family in the event of an accident, a disability, critical illness, or cancer.
We can’t predict the future and bad things do happen. Voluntary insurance is a low-risk expense that makes financial sense should a medical emergency arise. You shouldn’t have to dip into savings or go into debt in order to maintain your lifestyle in these kinds of situations. With voluntary insurance like Aflac’s, you have access to cash benefits immediately and you can use the money however you see fit. This is the kind of financial planning that my husband and I can get behind. What about you?
While you’re enjoying the changes of the season this Fall, consider reevaluating how you buy health insurance. Having peace of mind is invaluable and purchasing voluntary insurance may save your family from a costly mistake later on. After all, nothing is more important than the health of your family and financial security comes in at a close second.
*Statistics are from the 2016 Aflac Open Enrollment Survey. Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York. Z161128S 10/16.
I was selected for this opportunity as a member of CLEVER and the content and opinions expressed here are all my own.