More and More Employers Shrug Off Disability Insurance Costs

Hope for the best, prepare for the worst; isn’t that how the saying goes? Too few Americans are “preparing for the worst” when it comes to disability insurance, points out a new Washington Post article.

That’s because few people anticipate relying on disability insurance; thus it’s often taken for granted when employers foot the bill for it. Likewise, disability insurance is often barely missed when employers withdraw it from company benefits packages. That is, until you need it, and when you need it, you’re likely to need it badly—and quickly and for prolonged periods of time.

An increasing number of employers are now shirking off disability insurance costs, slyly putting these crucial—but too often overlooked—benefits in the hands of employees, reports The Washington Post.

The Post reports: “According to the Social Security Administration, a 20-year-old has about a 30 percent chance of becoming disabled by the time he retires. Although many people assume that accidents are the most common reason for a disability insurance claim, illness accounts for 90 percent of all claims, says Barry Lundquist, president of the Council for Disability Awareness, a nonprofit education group funded by the disability insurance industry. The top reasons for new claims last year, according to the organization’s annual claim, were musculoskeletal conditions such as arthritis or back problems, followed by cancer. A typical disability insurance claim lasts about 2.5 years, according to research compiled by CDA.”

Read more.

What is your opinion of disability insurance in the United States?

If you need help with your Social Security Disability benefits, contact the Social Security Disability lawyers at Fleschner, Stark, Tanoos & Newlin.

Reach out to a Terre Haute Personal Injury Attorney Today

The financial burden that often comes with a serious injury can be too much for many people to bear. Unexpected medical debt, damaged personal property, and the sudden loss of income can impact the budgets of most families. The good news is that a successful injury claim could help reduce that financial strain after a serious accident. Get in touch with a Terre Haute personal injury lawyer with Fleschner, Stark, Tanoos & Newlin to learn more.

    *You agree to our Terms and Privacy Policy, and you are providing consent to receive communications including calls, emails, and texts.