When it comes to our youth, we’d all like it be footloose and fancy-free for as long as possible. Nevertheless, it takes a fair amount of money to live and working provides that income, without it serious financial crises can follow. While teaching our youth to save for the future is sound, we also need to help them understand the value of disability insurance protection.
In a US News & World Report article, Why You Probably Need More Disability Insurance, writer Kimberly Palmer identifies a generational gap: “Disability insurance tends to be one of the more overlooked forms of insurance, particularly by young people, even though consumer advocates generally agree it’s an essential way for people to protect themselves from unexpected illness, accidents or other problems that prevent them from working.”
The Council for Disability Awareness reports that nearly nine in ten workers (86%) surveyed believe that people should plan in their 20’s or 30’s in case an income limiting disability should occur; only half (50%) of all workers have actually planned for this possibility. Fewer than half (46%) has even discussed disability planning.
What measures can be taken to increase the disability insurance priority among Gen X & Y workers?
A recent study completed by the Consumer Federation of America (CFA) highlights the importance of disability insurance that is sponsored by employers when it comes to the health and financial well being of workers. The more employers who offer workers disability insurance options, including voluntary benefits, the more income security workers will have. In turn, when more employers offer disability insurance options an increase in claims can now be efficiently handled as ClaimVantage ‘s automatic claims technology provides disability insurers and TPA’s with Disability Claims Processing Management to efficiently process short term and long-term disability claim intake, adjudication, and payments.
By working together (workers, employers, service-providers), we can all, hopefully, smooth the disability road when illness or accident occurs. Having a disability plan to fall back on should be a consideration for people, today and in the future.