Navigation Links
Affinion Group Survey Reveals That Underinsured Consumers Need Alternate Solutions in Light of Current Economic Climate
Date:5/7/2009

Nearly half say unreimbursed loss of as little as $500 would have "severe" impact on financial stability

NORWALK, Conn., May 7 /PRNewswire/ -- As unemployment rates continue to climb, one often overlooked aspect of people being laid-off is their access to affordable insurance. In a national recent survey conducted by Affinion Group, a leading marketer of insurance services, nearly two-thirds of respondents admitted to living paycheck-to-paycheck "often" or "always." The survey questioned more than 1,000 adults to determine the threat to consumers from limited access to affordable insurance in light of the current economic conditions. Overall, the findings revealed that a majority of consumers believe they could be at risk for losing their health benefits and life insurance should they ultimately lose their job, placing an even greater importance on alternate insurance programs.

At Risk of Being Uninsured

When asked how long they believed they would have access to affordable insurance, nearly two out of three respondents either believed that they would have access for less than one month or didn't know how long they would have access to affordable insurance. Distressingly, only 19 percent of respondents believed they would be able to afford their insurance for more than 6 months following the loss of their job, and this number dropped to 14 percent when looking at respondents under the age of 45.

Accidents are Costly

Nearly half of respondents, 45 percent, believed that an out-of-pocket cost of as little as $500 would have a "severe" impact on their financial stability. This is problematic given that the average cost of hospitalization is $560, according to the Agency for Healthcare Research and Quality. This also comes in an environment where 62 percent of those people surveyed stated that they live paycheck-to-paycheck either "often" or "always."

"The results of this survey confirm some of our worst suspicions: this economic climate has exposed consumers to a toxic combination of underemployment and underinsurance," said Ron Clarke, Senior Vice President of Insurance Services at Affinion. "The high cost of insurance and the out-of-pocket expense associated with a hospital stay of as little as a day or two are leaving a substantial portion of the country at risk of being unable to afford the security and peace-of-mind that they need."

Considering Loved Ones and Alternatives to Going Without

Of the adults surveyed, more than half expressed that they were either "concerned" or "extremely concerned" that their loved ones would be financially vulnerable in the event of an accident or the death of the respondent. At the same time, many participants did not understand the cost savings that can be offered by having a less costly alternative Accidental Death and Dismemberment (AD&D) plan, with only 25 percent of respondents correctly identifying the savings of a $100,000 AD&D plan is more than $75 over that of a typical $100,000 annual term life insurance policy. Affinion Group encourages consumers to work with a trusted financial institution, credit union or association to gain access to AD&D Protection, which is typically offered on a group rate basis, and underwritten by leading, highly rated insurers, and presents a viable alternative for coverage to protect against unforeseen events.

"Many of the participants of the study did not understand the cost savings and security that an AD&D plan can offer to them and their families," continued Clarke. "Managed appropriately, AD&D is the type of supplemental insurance alternative that families can turn to in order to secure their financial well being in the event of an emergency."

The full results of the survey can be found at http://www.affinion.com/docs/InsuranceSurvey.pdf.

About Affinion Group

As a global leader with nearly 35 years of experience, Affinion Group (www.affinion.com) enhances the value of its partners' customer relationships by developing and marketing valuable loyalty, membership, checking account, insurance and other compelling products and services. Leveraging its expertise in product development and targeted marketing, Affinion helps generate significant incremental revenue for more than 5,500 affinity partners worldwide, including many of the largest and most respected companies in financial services, retail, travel, and Internet commerce. Based in Norwalk, Conn., the company has approximately 3,300 employees throughout the United States and in 10 countries across Europe, and markets in 14 countries globally. Affinion holds the prestigious ISO 27001 certification for the highest information security practices, is PCI compliant and Cybertrust certified. For more company and investor information visit www.affinion.com.


'/>"/>
SOURCE Affinion Group
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. The Quantum Group Joins Executive Committee of the Patient-Centered Primary Care Collaborative
2. The PDS ToxData, ReproData, and PathData User Group Meeting for 2009 Concludes - User Presentations, In-Depth Workshops and U2U Networking Dominate Agenda
3. The Ensign Group Reports First Quarter 2009 Earnings of $0.38 per Share; Reaffirms 2009 Guidance
4. Simcere Pharmaceutical Group Seeking Approval to Manufacture and Sell Influenza Drug zanamivir
5. AUDIO from Medialink and UnitedHealthcare Group: Its National Nurses Week
6. Emdeon Announces Agreement to Acquire The Sentinel Group, a Leader in Healthcare Fraud and Abuse Management Services
7. The American Partnership for Eosinophilic Disorders (APFED) Honors Disney Star Demi Lovato and the Jonas Groups Ned Specktor, as 2009-2010 Honorary Ambassadors of Education
8. Kids Group Scores Obama, Congress in 100 Days Report Card
9. LaVoie Group Appointed by Mithridion as PR Agency
10. AMERIGROUP Corporation to Webcast Annual Meeting of Stockholders on May 7, 2009
11. AMERIGROUP Reports Q1 Net Income of $36.9 Million or $0.69 per Diluted Share
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... June 27, 2016 , ... "FCPX editors can now ... of Final Cut Pro X," said Christina Austin - CEO of Pixel Film Studios. ... Final Cut Pro X users can now reveal the media of their split ...
(Date:6/26/2016)... ... 27, 2016 , ... Quality metrics are proliferating in cancer care, and are ... the eye of the beholder, according to experts who offered insights and commentary in ... Managed Care. For the full issue, click here . , For the American ...
(Date:6/26/2016)... Michigan (PRWEB) , ... June 26, 2016 , ... ... to fertility once they have been diagnosed with endometriosis. These women need a ... they also require a comprehensive approach that can help for preservation of fertility ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding emergency ... its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. Ogunleye ... M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. Ogunleye ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published June ... with. The article goes on to state that individuals are now more comfortable seeking ... common operations such as calf and cheek reduction. The Los Angeles area medical group, ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... -- Research and Markets has announced ... Applications, Technologies, Forecasts" report to their offering. ... Smart Skin, Structural Health Monitoring, Composite Smart Structures, ... involves electronic and/or electrical components and circuits that ... such as vehicle bodies or conformally placed upon ...
(Date:6/24/2016)... June 24, 2016 Research and Markets ... for Companion Diagnostic Tests" report to their offering. ... Companion Diagnostics The World Market for Companion ... medicine diagnostics. Market analysis in the report includes the following: ... (In Vitro Diagnostic Kits) by Region (N. America, EU, ROW), ...
(Date:6/24/2016)... 2016  Arkis BioSciences, a leading innovator in ... durable cerebrospinal fluid treatments, today announced it has ... is led by Innova Memphis, followed by Angel ... investors.  Arkis, new financing will accelerate the commercialization ... release of its in-licensed Endexo® technology. ...
Breaking Medicine Technology: