The International Luxury Hotel Association (ILHA) has entered a strategic partnership with Aflac [the American Family Life Insurance Company of Columbus], the largest provider of supplemental insurance in the United States.
The collaboration aims to provide luxury hoteliers with access to Aflac’s member-specific pricing, addressing the gaps in health insurance coverage for unforeseen expenses.
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Half of the US population receives insurance coverage through employers. In recent times, businesses have therefore shouldered the financial burden of rising healthcare costs.
Numerous employers have sought to transfer this burden onto their employees, leading to a more than 50% surge in average annual deductibles since 2013.
Member-specific pricing for unforeseen expenses
Luxury hoteliers will now have the opportunity to benefit from Aflac’s policies, which offer cash benefits to policyholders facing unexpected expenses related to medical care or home situations.
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Aflac, with more than 65 years of experience in supplemental insurance, commits to delivering fast cash benefits to its policyholders in times of illness or injury.
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By GlobalDataAddressing financial challenges in healthcare
A notable aspect of the partnership is the potential financial relief it can provide to the luxury hotel industry.
Medical expenses are a significant concern, with 66.5% of bankruptcies in the United States attributed to healthcare costs.
56% of Americans report having less than $1,000 saved for medical bills. Aflac’s focus on offering support during critical moments can be crucial for individuals and businesses facing unforeseen medical challenges.
Comprehensive coverage through ILHA’s direct-to-consumer platform
Aflac’s diverse range of supplemental insurance policies will be available to ILHA members through a custom e-commerce site.
This platform will enable luxury hoteliers to access policies tailored to their specific needs, covering everything from routine preventative care to critical illnesses.
With medical insurance typically covering 60% of total costs, Aflac’s supplemental insurance aims to bridge the remaining 40%, offering a more comprehensive healthcare solution.
The partnership between the International Luxury Hotel Association and Aflac seeks to address the healthcare needs of luxury hoteliers by providing access to member-specific pricing for supplemental insurance. This collaboration is particularly relevant in light of the financial challenges associated with medical expenses, offering a solution to bridge the gaps left by conventional health insurance coverage.
