More and More Employers Shrug Off Disability Insurance Costs
September 21st, 2011|
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.”
If you need help with your Social Security Disability benefits, contact the Social Security Disability lawyers at Fleschner, Stark, Tanoos & Newlin.