AFLAC has just published its fourth annual survey of employees and business leaders about health benefits. Overall, the responses show how poorly our system of prepaid healthcare (inaccurately labelled “health insurance”) protects workers from the costs of catastrophic illness. Highlights include:
- 53 percent of workers would have to borrow from their 401(k)s and/or use a credit card to cover costs associated with an unexpected serious illness or accident;
- 49 percent have less than $1,000 to pay for out of pocket expenses associated with a serious illness or accident, and 27 percent have less than $500;
- 42 percent say they are not at all or not very prepared to pay out-of-pocket expenses associated with a serious illness or injury.
ObamaCare is not solving these problems. Indeed, its only apparent effects are to generate confusion amongst employers and hurt their growth:
- Just 9 percent of employers feel extremely or very prepared to address changes in the healthcare system in 2014;
- Only 40 percent of companies say they understand healthcare reform extremely or very well, but that drops to 30 percent in companies with fewer than 100 employees;
- 14 percent switched employees from full time to part time in 2013, and 12 percent plan to do so in 2014.