Protecting Employees from Unexpected Health Events

By Jeremy Parr

Senior Account Director, Voluntary Business Development
Lincoln Financial Group

By Glenn Pransky, MD

Scientific Advisor
Lincoln Financial Group

While life is slowly returning to normal for some employees, many still suffer from the economic, social, and health consequences of COVID-19. No one knows how these challenges will be resolved or what the future holds. With this uncertainty, it’s increasingly important to help employees protect their financial security.

Before COVID-19, 43% of U.S. workers thought they wouldn’t be able to cover a medical bill or healthcare deductible costs of $500 or more.¹ Now, with half of U.S. households experiencing financial problems due to COVID-19, 46% of workers say they still haven’t thought much about how they would cover unexpected medical costs or bills.²

But we are seeing positive changes. More than half of U.S. workers say that protecting their families from sickness and financial problems is their No. 1 priority. However, while 35% say they are interested in purchasing life, disability, and health insurance, enrollment has declined.³ A recent study shows that Millennials are the most interested, but more than half have no coverage for these unexpected events,⁴ perhaps due to a lack of awareness or education about the value of benefits, or lack of options.

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