How Much Does Aflac Cost?

Last Updated on August 5, 2024
Written by CPA Alec Pow | Content Reviewed by CFA Alexander Popinker

Aflac is one of the largest and most recognized providers of accident, critical illness, cancer, and hospital indemnity policies designed to help cover gaps in traditional health insurance. But how much does Aflac truly cost?

Costs vary based on the type and level of coverage, policyholder age and health status, discounts for group plans and bundled policies, and other variables.

This guide examines Aflac’s pricing structure, methods for calculating premiums, available discounts to lower costs, and tips for getting affordable coverage that meets your needs.

How Much Does Aflac Cost?

Monthly premiums for Aflac policies typically range from $15 to $200 per month, with many factors affecting pricing. Monthly premiums can vary significantly based on the type of supplemental insurance selected.

Here are typical costs for popular Aflac policies providing $5,000 benefit levels:

• Accident insurance – $25 to $50 per month
• Cancer/critical illness insurance – $40 to $100 per month
• Hospital indemnity insurance – $30 to $60 per month
• Short-term disability insurance – $35 to $100 per month
• Dental insurance – $20 to $75 per month
• Vision insurance – $15 to $30 per month

Higher benefit amounts, policy add-ons, and individual circumstances lead to premiums at the higher end of these ranges.

According to Aflac’s official website, many of their policies range from $8 to $25 per month. This range reflects the affordability of their coverage options, which include accident insurance, cancer insurance, dental insurance, and more.

Additionally, Aflac provides a comprehensive overview of their supplemental insurance offerings, noting that the premiums can be influenced by the specific plan type and individual circumstances. They emphasize that while the cost can vary, many customers find that they pay less for coverage than they anticipated, with some plans costing as little as a “Get Well Soon” card per week.

Insurance.com also highlights that Aflac’s supplemental insurance premiums can vary widely based on the specific coverage selected. For example, they mention that a typical Aflac accident policy might cost around $15 to $25 per month, depending on the coverage limits and deductibles chosen.

Furthermore, ValuePenguin reports that Aflac’s short-term disability insurance can range from $15 to $50 per month, depending on the coverage amount and the individual’s health profile. This highlights the flexibility in pricing based on the type of insurance and the level of coverage desired.

Aflac Insurance Plans and Coverage

Aflac offers a range of supplemental insurance policies designed to help cover unexpected medical bills and expenses not fully covered under traditional health insurance plans.

Major Aflac policy types include:

• Accident insurance – Covers injuries from accidents and urgent care costs
• Cancer/critical illness insurance – Provides financial support for cancer, heart attack, stroke treatment
• Hospital indemnity insurance – Helps pay hospital stay and facility expenses
• Disability insurance – Offers income protection if you can’t work due to illness/injury
• Dental insurance – Assists with co-pays, coinsurance, and services
• Vision insurance – Helps cover eye exams, glasses/contacts, laser eye surgery

These supplemental policies are meant to complement primary health insurance and fill coverage gaps from deductibles, copays, and non-covered services.

You might also like our articles about the cost of Commercial Auto Insurance, Commercial Property Insurance, or Health Insurance.

What Impacts Aflac Premium Costs?

Aflac premium costs are based on several important factors:

• Type of insurance policy – Accident vs. cancer vs. dental, etc.
• Scope and level of coverage/benefits selected
• Age of the policyholder
• Tobacco usage or other health risk factors
• Group discount or individual policy
• Number of added policy riders and enhancements
• Bundling with other Aflac plans for multi-policy discounts

Age and Health Status Affect Costs

Two major factors impacting Aflac premiums are the policyholder’s age and any pre-existing health conditions:

• Age – Premium rates for older policyholders can be 2x or 3x higher than younger individuals. A 60-year-old may pay $75 per month versus a 30-year-old paying $25 per month.
• Health conditions – Applicants are asked about pre-existing conditions which may exclude certain benefits or increase overall rates. Using tobacco also raises premium costs.

Younger and generally healthy individuals get the lowest rates on Aflac’s supplemental policies. Higher risk individuals pay more due to increased potential costs for the insurer.

Employer-Sponsored Aflac Plans

One way to save significantly on Aflac premium costs is enrolling through an employer-sponsored group plan if available.

Benefits include:

• Group rates 10-40% lower than individual policies
• Portable coverage you can retain even if you leave your job
• Employer often pays portion of premiums as an employee benefit
• Pre-tax payroll deduction for your share of premium costs

Ask your employer’s benefits manager if they currently offer or can look into providing Aflac policies as a voluntary employee benefit program.

The group discount makes the premium costs very affordable.

Bundling Aflac Policies Saves Money

Another way to lower premium outlays is bundling multiple Aflac policies under a single account. Aflac offers premium discounts when you purchase several products such as:

• Accident + Cancer/Critical Illness
• Accident + Hospital Indemnity
• Cancer + Dental

Typical savings when bundling policies are:

• 2 policies – 10% discount on premiums
• 3 policies – 15% discount on premiums
• 4+ policies – 20% discount on premiums

Combining accident, critical illness, and hospital indemnity provides comprehensive supplemental coverage. The cost savings make bundling plans smart budget-wise.

Aflac Costs vs Alternatives

How does Aflac’s pricing compare to other top supplemental insurance providers like State Farm, Allstate, and AFLAC? Here’s an overview:

• Aflac vs. State Farm – Very similar premiums overall, Aflac has more policy options
• Aflac vs. Allstate – Allstate is slightly cheaper but fewer types of plans available
• Aflac vs. Mutual of Omaha – Aflac priced lower for accident coverage but higher for critical illness

Always compare coverage details – not just costs. Aflac is highly rated for strong benefits, rapid claims payment, and good overall value.

Customized Aflac Premium Quotes

To estimate your specific premium costs, you can either:

• Request an instant online quote from Aflac’s website by entering basic personal details
• Consult with a licensed Aflac insurance agent to receive quotes tailored for your situation.

This allows you to compare Aflac pricing across different supplemental insurance products and coverage amounts. Be sure to inquire about potential discounts.

Cost Saving Strategies

Beyond group plans and policy bundling, other ways to get lower cost Aflac coverage include:

• Choosing higher deductibles and coinsurance amounts if budget is tight
• Enrolling in payroll deduction through an employer sponsored plan for pre-tax premiums
• Taking advantage of wellness incentives and credits offered on some policies
• Comparing quotes annually at policy renewal to keep costs competitive
• Dropping unneeded add-ons and riders each year to control premium increases

Review your supplemental insurance needs before renewal and adjust coverages or policy limits to find the most affordable options.

Final Words

Aflac offers affordable supplemental insurance to help pay medical bills not fully covered by traditional health insurance. Typical premiums range depending on your age, health, policy type, and benefits selected.

Policies bought through an employer-sponsored group plan provide access to lower rates. Bundling multiple Aflac policies also reduces overall costs. Comparing personalized quotes allows you to find ideal coverage at the best pricing.

Answers to Common Questions

Does Aflac pay right away?

Most straightforward Aflac claims are processed rapidly and issue benefit checks to policyholders generally within a week, rather than making them wait weeks or months for reimbursement.

Does Aflac pay a lump sum?

Yes, Aflac pays cash benefits directly to policyholders as a lump sum to use however they choose, rather than only reimbursing specific receipts like some insurers. This provides financial flexibility.

How quick are most claims paid with Aflac?

The majority of eligible Aflac claims are processed and paid out to policyholders in under 7 days from filing, providing quick cash benefits during times of medical need.