60 Percent of Millennials Worry About Not Being Prepared for Unexpected Medical Costs
Jim Boyman, President of Enterprise Voluntary, Cigna
(Philadelphia, PA, Tuesday, October 17, 2017) – Are you prepared for unexpected medical costs? A survey by Cigna showed that 60 percent of millennials said they worry they’re not prepared for unexpected medical costs and as many as one-third said they worry every week about how they’d pay for such costs if they were injured or got sick. Cigna’s survey also showed that two out of five working women who don’t enroll in workplace voluntary benefits cite “lack of need,” even though 60 percent admit they worry about medical expenses. Financial recovery can take longer than physical recovery. Cigna says employers can help families reduce financial stress and reach their financial health goals so they can protect themselves and their families.
Jim Boyman, president of the Enterprise Voluntary organization for Cigna, explains more about the survey findings.
MILLENNIALS ARE ACTUALLY THE LARGEST GENERATION IN THE U.S. WORKFORCE, REPRESENTING MORE THAN SEVENTY-FIVE MILLION WORKERS. OUR SURVEY SHOWED THAT MANY MILLENNIALS AREN’T EVEN CONSIDERING FINANCIAL PROTECTION PRODUCTS THAT CAN HELP THEM BETTER HANDLE THE IMPACT OF INJURY OR ILLNESS. BY TALKING ABOUT THESE VOLUNTARY BENEFITS, PRODUCTS SUCH AS CRITICAL ILLNESS, ACCIDENTAL INJURY, AND HOSPITAL INDEMNITY, EMPLOYERS CAN PLAY AN IMPORTANT ROLE IN HELPING ALL EMPLOYEES ACHIEVE GREATER PRODUCTIVITY AND GREATER FINANCIAL WELLBEING.
SIXTY-TWO PERCENT OF AMERICANS DON’T HAVE EVEN A THOUSAND DOLLARS SAVED TO COVER EMERGENCY EXPENSES. WITH EIGHTY-FOUR PERCENT OF WOMEN IN OUR SURVEY IDENTIFYING THEMSELVES AS BEING THE HOUSEHOLD DECISION MAKER ON INSURANCE COVERAGE, IMPROVING BENEFIT COMMUNICATIONS AROUND VOLUNTARY COVERAGE CAN HELP MAKE A BIG DIFFERENCE IN A FAMILY’S FINANCIAL HEALTH. OUR STUDY SHOWED THAT WHEN THESE DECISION MAKERS LEARNED MORE ABOUT THE VALUE OF VOLUNTARY BENEFITS, THEY ACTUALLY CHOSE THESE FINANCIAL PROTECTION PRODUCTS MORE OFTEN THAN MEN DID.
For more information, visit https://www.cigna.com/.