Jane Dotson
Aflac Incorporated, also known as American Family Life Assurance Company, is an American insurance company that provides supplemental insurance to help pay out-of-pocket expenses that major medical insurance doesn't cover. Aflac is the largest provider of supplemental insurance in the United States and is known for its payroll deduction insurance coverage, which pays cash benefits directly to the policyholder in the event of a covered accident or illness. The company was founded in 1955 and is based in Columbus, Georgia. Aflac has become a well-known name, thanks to its famous duck mascot, which has starred in over 30 commercials.
| Characteristics | Values |
|---|---|
| Type of insurance | Supplemental insurance |
| Area of operation | United States, Japan |
| Headquarters | Columbus, Georgia |
| Year founded | 1955 |
| Number of sales agencies in Japan | 19,300 |
| Number of licensed sales associates in the U.S. | 76,900 |
| Total assets as of June 30, 2015 | Over $103 billion |
| Number of people insured worldwide | Over 50 million |
| Types of insurance policies offered | Group Life Insurance, Group Short-Term and Long-Term Disability Insurance, Cancer Insurance, Final Expense Insurance, Dental Insurance, Un-reimbursed medical, Dependent day-care, Transportation flexible spending accounts |
| Other services | Human resources services for HIPAA and COBRA, Annual wellness benefit |
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What You'll Learn
- Aflac is the largest provider of supplemental insurance in the US
- It is not a qualified health plan under the Patient Protection and Affordable Care Act (ACA)
- Aflac offers insurance policies in the US and Japan
- The company was founded in 1955 by the Amos brothers in Columbus, Georgia
- Aflac provides voluntary insurance policies for individuals and groups
Aflac is the largest provider of supplemental insurance in the US
Aflac provides supplemental insurance to help pay out-of-pocket expenses that major medical insurance doesn't cover. The company offers several types of insurance policies in the United States, including un-reimbursed medical, dependent day-care, and transportation flexible spending accounts. Aflac also offers human resources services for HIPAA and COBRA.
In 2009, Aflac acquired Continental American Insurance Company for $100 million. This acquisition enabled them to sell supplemental insurance on both individual and group platforms. As of 30 June 2012, the company was represented by approximately 19,300 sales agencies in Japan and 76,900 licensed sales associates in the US.
Aflac has pioneered several innovative insurance practices. In 1958, the company pioneered cancer insurance. Beginning in 1964, Aflac began to focus its sales on worksite settings, eventually offering policies sponsored by employers and funded through payroll deductions. By 2003, more than 98% of Aflac policies in the United States were issued on a payroll deduction basis, making the company a leader in that approach to policy distribution.
Aflac is ranked 137th in the Fortune 500 list of largest United States corporations by revenue. The company has also gained recognition through its advertising campaigns. Since 1999, the company's identity and brand have become more widely recognized in the United States due to TV commercials featuring the Aflac Duck, which quacks the company's name.
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It is not a qualified health plan under the Patient Protection and Affordable Care Act (ACA)
Aflac is an American insurance company that provides supplemental insurance for individuals and groups. It is the largest provider of supplemental insurance in the United States and is well-known for its payroll deduction insurance coverage. This coverage pays cash benefits directly to the policyholder in the event of a covered accident or illness, helping them with daily and unexpected expenses.
Aflac is not a major medical insurance provider, and its coverage is not a qualified health plan (QHP) under the Patient Protection and Affordable Care Act (ACA). This means that Aflac coverage is not required to satisfy the essential health benefits mandates of the ACA. Instead, Aflac's insurance is intended to supplement major medical insurance by providing additional financial protection to policyholders.
Aflac's coverage provides limited benefits, and the company offers several types of insurance policies, including group life insurance, short-term and long-term disability insurance, and un-reimbursed medical, dependent day-care, and transportation flexible spending accounts. Aflac's policies are often sponsored by employers and funded through payroll deductions, and the company has a presence in both the United States and Japan.
Aflac's insurance plans are fully portable, meaning that policyholders can take their policies with them if they change jobs or retire. The company also promotes preventative care and may pay benefits to policyholders who undergo routine physicals, mammograms, or eye exams. Aflac's rates do not increase when a claim is filed, and the company is known for its quick claims processing, usually completed within four days.
While Aflac provides valuable supplemental insurance, it is important to understand that it is not a substitute for major medical insurance or a qualified health plan under the ACA. Individuals and groups should carefully consider their specific needs and ensure they have adequate coverage to meet their healthcare requirements.
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Aflac offers insurance policies in the US and Japan
Aflac Incorporated (American Family Life Assurance Company) is an American insurance company that offers a wide range of insurance policies in the United States and Japan. Founded in 1955 and based in Columbus, Georgia, Aflac is the largest provider of supplemental insurance in the United States. The company underwrites various insurance policies, including group life insurance, short-term and long-term disability insurance, and cancer insurance. Aflac's payroll deduction insurance coverage is one of its most well-known offerings, providing cash benefits to policyholders in the event of a covered accident or illness.
In the United States, Aflac offers insurance policies through its family of insurers, including American Family Life Assurance Company of Columbus, American Family Life Assurance Company of New York, Continental American Insurance Company, and Continental American Life Insurance Company. These policies are available in all states except Puerto Rico, Guam, and the Virgin Islands. Aflac's Life, Absence, and Disability Services are also offered in all states, except for the aforementioned territories.
In Japan, Aflac operates as Aflac Life Insurance Japan and is the leading provider of cancer and medical insurance policies. As of June 30, 2012, Aflac had approximately 19,300 sales agencies in Japan, with a presence in both individual and group insurance markets.
Aflac's insurance policies are designed to provide financial protection and help pay for out-of-pocket expenses that major medical insurance may not cover. They offer voluntary insurance policies, including indemnity plans, which reimburse the patient or provider as expenses are incurred. Additionally, Aflac policies often include annual wellness benefits that cover procedures such as blood tests, dental exams, and more.
Overall, Aflac has established itself as a prominent insurance company in both the United States and Japan, offering a diverse range of insurance products to meet the needs of its customers.
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The company was founded in 1955 by the Amos brothers in Columbus, Georgia
Aflac, or American Family Life Assurance Company, was founded in 1955 by brothers John, Paul, and William Amos in Columbus, Georgia. The company is an American insurance provider and is the largest provider of supplemental insurance in the United States.
Aflac offers supplemental insurance to help pay out-of-pocket expenses that major medical insurance does not cover. This includes un-reimbursed medical, dependent day-care, and transportation flexible spending accounts. Aflac also offers human resources services for HIPAA and COBRA. The company's policies are underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated, and administered by Aetna Life Insurance Company.
In its first year, Aflac signed 6,426 policyholders. The company pioneered cancer insurance in 1958 and began to focus its sales on worksite settings in 1964. By 2003, more than 98% of Aflac policies in the United States were issued on a payroll deduction basis.
Today, Aflac has its worldwide headquarters and corporate offices in an eighteen-story tower in Columbus, Georgia, and operates in the United States and Japan. The company is known for its famous duck mascot, which has starred in over 30 commercials. Aflac has also partnered with Macy's to sell an annual Aflac holiday plush duck, with net proceeds donated to children's cancer facilities.
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Aflac provides voluntary insurance policies for individuals and groups
Aflac is an American insurance company that provides voluntary insurance policies for individuals and groups. It is the largest provider of supplemental insurance in the United States. Aflac offers a range of insurance policies, including supplemental insurance, group insurance, and individual insurance.
Supplemental insurance from Aflac helps pay for out-of-pocket expenses that major medical insurance does not cover. This includes unreimbursed medical, dependent day-care, and transportation expenses. Aflac's supplemental insurance is not a qualified health plan (QHP) under the Patient Protection and Affordable Care Act (ACA) and thus does not satisfy the essential health benefits mandates of the ACA.
Group insurance plans offered by Aflac include dental insurance, vision insurance, and group life insurance. Aflac also provides group short-term and long-term disability insurance. In California, group supplemental insurance coverage is underwritten by Continental American Life Insurance Company, while in New York, it is underwritten by Aflac New York.
Aflac's individual insurance plans include accident insurance, cancer insurance, and wellness benefits. The wellness benefits cover annual wellness procedures such as blood tests, Pap smears, mammography, dental exams, and X-rays. Individual coverage is underwritten by American Family Life Assurance Company of Columbus, and in New York, it is underwritten by American Family Life Assurance Company of New York.
Aflac's voluntary insurance policies provide cash benefits directly to the policyholder in the event of illness or injury. The company is committed to decreasing its environmental impact and encourages employees to adopt alternative commuting methods.
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Frequently asked questions
Aflac provides supplemental insurance for individuals and groups to help pay for benefits that your major medical insurance doesn't cover. Aflac pays cash benefits directly to the policyholder in the event of a covered accident or illness.
Aflac insurance can help with unexpected expenses such as transportation to and from medical facilities, parking, and additional childcare expenses. Aflac benefits can also be used for everyday costs such as groceries, rent, and other out-of-pocket expenses.
Aflac offers a range of insurance policies, including group life insurance, short-term and long-term disability insurance, and cancer insurance. They also provide un-reimbursed medical, dependent day-care, and transportation flexible spending accounts.
Aflac operates in the United States, with a focus on worksite settings, and Japan. Their services are available in all states except Puerto Rico, Guam, and the Virgin Islands.
