• Aflac Insurance, Anyone?

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    Quack.

    What should we know about Aflac? Aflac recently began offering their coverage through my employer. Aflac has a bewildering array of a-la-carte policies to choose from, including one for cancer and another for vision. Aflac insurance is intended to be a supplementary stop-gap measure to bride the gap between health care expenses (including lost work time, transportation to treatment, and deductibles) and traditional heath insurance payments.

    Reasons not to get Aflac insurance:

    • Him and I both have excellent health and disability coverage at work. In addition, Him has a Health Savings Account (HSA) that can help cover related expenses such as transportation to treatment.
    • Insurance is meant to protect against financial catastrophe. The payouts from the Aflac policy seem to be rather low, generally in the $50 to $5,000 range. This amount of cash would probably not protect us against a real financial catastrophe.
    • We are both young and pretty healthy, and have long-lived ancestors.
    • We have no mortgage or kids to protect.
    • The most likely health event in our future would be pregnancy (we’re thinking of starting a family within the next 5-10 years). The Aflac policies don’t appear to offer many benefits for a routine pregnancy.

    Reason to consider getting Aflac insurance:

    • While we both have good insurance at our current jobs, there’s no guarantee our next jobs (or unemployment, for that matter) will also give us access to good insurance. The Aflac policies are portable, meaning we can maintain our benefits at the discounted rate even if I quit my job or work elsewhere.
    • The payouts for severe medical disasters can be significant, generally in the $20,000 range. This could save us from financial catastrophe in the event of a major medical problem.
    • Nobody plans to get sick or injured, and it can be impossible to qualify for insurance after you’re already sick. Buying coverage now will protect our access to insurance later.
    • We have rent and significant debts to pay for each month.
    • The rates for coverage are based on initial purchasing age, but do not increase with age. By purchasing coverage now we would lock in great rates for life.
    • Aflac does offer a policy that covers medical complications resulting from pregnancy, beginning ten months after the policy is activated. By purchasing insurance now, we would be sure to be protected when we start a family.

    So, we need to decide if Aflac insurance is a good financial option or not. Has anyone had positive or negative experiences with Aflac, and would you recommend we purchase coverage? Leave a comment below!

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