Study: Most workers can’t afford to pay deductibles
It looks like firms need to focus on convincing workers of the importance of being prepared to satisfy the cost of their deductibles.
Reasons: Most workers wouldn’t be able to pay for the types of medical care they’d need if a catastrophic event take place – i.e., the type of event that triggers high deductibles to kick in.
That’s what a recent study by AFLAC uncovered. According to
the study:
- 53% of employees would have to borrow from their 401(k)s and/or use a credit card to cover the costs associated with an unexpected serious illness or accident
- 49% of workers have less than $1,000 (well below the average high-deductible amount) to pay for out-of-pocket expenses associated with a serious illness or accident
- 27% of employees have less than $500 to pay for such expenses, and
- 42% said they aren’t prepared at all or are not very prepared to pay out-of-pocket expenses associated with a serious illness or injury.
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