With the mountains of ink that have been used printing articles and reports about the U.S. health care system over the past few years, you might think workers would be highly knowledgeable and focused when it comes to their benefits. Unfortunately, though, much of the information has fallen on deaf ears.
Whether it’s because they’re too busy to pay attention or too overwhelmed by health care data and statistics, average workers spend more time researching new car purchases and planning vacations than on exploring the types and amounts of benefits that meet their needs. In fact, according to the 2014 Aflac WorkForces Report, 46 percent of workers devote less than 30 minutes to the annual task of understanding and signing up for health care benefits.
As an employer, one of the best things you can do for your workers is help them become more financially literate. That means helping them understand the ins and outs of benefits terminology, from deductibles and copayments to out-of-pocket expenses.
Fortunately, you don’t have to do it alone. Aflac has put together a handy guide to benefits lingo that clearly explains what – and who – is responsible for various health care expenses. … Read more >