Aflac, Anyone?
Posted on June 09, 2006 by Her and tagged insurance
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?
Comments/Trackbacks
Trackback URL: http://www.makelovenotdebt.com/MT/mlnd-trackbacks.cgi/933
quartersaver | Jun 14, 2006
I just signed up for AFLAC's short-term disability program and it was a pain in the a$$. Their reps weren't very helpful and the application was kind of ridiculous. That said, I mean, there's probably a better chance of some minor medical issue happening to us than there is of, god forbid, life insurance kicking in, yet most of us prioritize life insurance. I don't know, that's how I rationalize it. And are you sure AFLAC only covers pregnancy medical issues? I thought that it covered routine pregnancies, too?
RP | Jun 14, 2006
I don't have any experience with AFLAC, but I do know that you probably want to prioritize long-term disability insurance above life insurance unless you have dependents. I found that most professional organizations will have group disability insurance available, so I keep up my membership in one in case of unemployment.
If you have LTD and health insurance, that might be all you need.
lisa | Jul 29, 2006
Ihave AFLAC! and you got it all wrong. You have to read the policy like I did. The disability covers any sickness. I hope you know your major medical won't send you a dime if you get hurt or have surgery. so 50.00 - 5,000 to me is great. And if you hurt yourself at home,let me see your job give you a check. Family Medical Leave is unpaid time. I will NEVER cancel my accident and disability policy. I hit my foot and broke it and was out 6 weeks. I received a check on my treatment and my disabilty paid. My job said it did't happen here! I could have lost everything! Oh by the way Long term begins after 90-180 days! just enough time to lose EVERYTHING YOU OWN!!!!
B | Sep 14, 2007
I have an AFLAC Accident policy and since July have had two claims, one was surgery i had to have (minor) on my foot and the other was for my daughter who got a rock stuck in her ear canal (kids... :)!!) and that was a trip to the e.r. The minor foot surgery which took me an hour paid out $120.00 dollars and the most recent event (the rock) I just filed today so we will see. I am thankful for the suplement, I am a single mother of three daughters who are very athletic and active, accidents can break the bank for us. I will NEVER cancel the policy...I only pay around 24$ a month and it is worth every penny.
Mike | Sep 17, 2008
20K is not just a drop in the bucket! That will go a long way when it comes to paying your bills. Remember: Aflac pays you when you have a claim. You decide what to do with it. I bet your uncle wishes he had 20K to pay his mortgage. Who cares where the Dr bills go.
Sabrina | Jun 11, 2006
I don't have any experience with Aflac, but I have to say, in the event of a "severe medical disaster" $20K isn't going to pay for crap. Recently my husband's uncle had a stroke. Granted, he does not have any health insurance, but I can tell you that if he did have Aflac, the $20K would be a drop in the bucket.
Reply to this comment