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New product offering provides competitive rates to workforce increasingly entering gig economy and retirement
COLUMBUS, Ga., Oct. 13, 2022 /PRNewswire/ -- Aflac, a leading provider of supplemental health insurance products in the U.S., today announced the launch of its new Dental, Vision and Hearing insurance plans, specifically designed for individuals and families without access to insurance through a traditional worksite.
A variety of factors play into the need for benefits options outside of the workplace. According to Pew Research, about 50% of U.S. adults 55 and older are out of the labor force due to retirement, in part because of the pandemic.1 Additionally, gig and contract work is on the rise. The most recent data shows a 33% increase in 1099-K form (indicating revenue collected outside of an employer/employee relationship) filing from 2020 to 2021.2 What's more, 16% of Americans say they've earned money from an online gig platform.3
"Whether entering retirement or pursuing solopreneur, gig or contract work, there is a growing number of Americans earning a living outside of the traditional worksite; but what hasn't changed is their need for the type of financial security that Aflac products can help provide," said Aflac Senior Vice President of Distribution Expansion and Consumer Markets Jeramy Tipton. "Because benefits are traditionally obtained through the employer, these trends leave a gap in accessibility to insurance coverage for many Americans, a gap that Aflac is helping close by introducing popular products with these individuals in mind."
The new Aflac Dental, Vision and Hearing product includes three plan tiers so individuals can select the coverage that best meets their needs. For basic dental care and major dental services, out-of-pocket costs paid by the policyholder decrease over time, while the annual maximum benefit paid by Aflac can increase. Additionally, all plans offer preventive service benefits with no out-of-pocket costs.
"Americans outside of the traditional workforce are carrying the responsibility for many aspects of their financial security, which can leave them vulnerable if they do not properly insure themselves and their families," said Tipton. "This new Aflac Dental, Vision and Hearing product can help this growing segment of the U.S. workforce to better manage their preventive and ongoing health care needs. In addition, the product is a natural complement to Aflac's senior market product portfolio that includes Aflac Medicare Supplement and Aflac Final Expense insurance."
Highlights of Aflac's bundled Dental, Vision and Hearing insurance:For more information visit www.aflac.com/dental.
ABOUT AFLAC INCORPORATEDAflac Incorporated (NYSE: AFL) is a Fortune 500 company helping provide protection to more than 50 million people through its subsidiaries in Japan and the U.S., paying cash fast when policyholders get sick or injured. For more than six decades, the insurance policies of Aflac Incorporated's subsidiaries have given policyholders the opportunity to focus on recovery, not financial stress. In the U.S., Aflac is the number one provider of supplemental health insurance products.4 Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. In 2021, Aflac Incorporated was proud to be included as one of the World's Most Ethical Companies by Ethisphere for the 16th consecutive year. Also in 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory of the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was included on Fortune's list of World's Most Admired Companies for the 21st time and Bloomberg's Gender-Equality Index for the third consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/español. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability."
Aflac Dental, Vision and Hearing Insurance: Coverage may not be available in all states including but not limited to NJ, NM, NY or VA. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policies and riders for benefit details, definitions, limitations and exclusions. For availability and costs, please visit www.aflac.com/dental. In Arkansas, Policy T80000AR. In Idaho, Policy T80000ID. In Oklahoma, Policy T80000OK. In Oregon, Policy T80000OR. In Texas, Policy T80000TX. Aflac Dental, Vision and Hearing insurance coverage is underwritten by Tier One Insurance Company. Aflac's family of insurers include American Family Life Assurance Company of Columbus, American Family Life Assurance Company of New York, Continental American Insurance Company, and Tier One Insurance Company.
Media contact: Jon Sullivan, 706-763-4813 or jsullivan@aflac.com
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or dyoung@aflac.com
Sources
1 Pew Research 2021. Amid the pandemic, a rising share of older U.S. adults are now retired. Accessed on Sept. 30, 2022 from https://www.pewresearch.org/fact-tank/2021/11/04/amid-the-pandemic-a-rising-share-of-older-u-s-adults-are-now-retired.
2 Sovos (2022). Sovos Reports 33% Increase in 1099-K Forms as More Americans Say Yes to Gig Work. Accessed on Sept. 30, 2022 from https://www.marketwatch.com/press-release/sovos-reports-33-increase-in-1099-k-forms-as-more-americans-say-yes-to-gig-work-2022-08-16.
3 Pew Research 2021. The State of Gig Work in 2021. Accessed on Sept. 30, 2022 from www.pewresearch.org/internet/2021/12/08/the-state-of-gig-work-in-2021/.
4 LIMRA 2021 US Supplemental Health Insurance Total Market Report.
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SOURCE Aflac