5 Most Alarming Long Term Disability Ternds

October 1st, 2009 | by Admin |

I want to share with you these eye popping disability trends. The Council for Disability Awareness (CDA) conducts an annual review of long-term disability claims among the U.S. working population to determine continuing or emerging trends. The 2007 CDA Long-Term Disability Claims Review includes long-term disability insurance claims data from member companies and Social Security Disability Insurance (SSDI) program.

The five key trends are below:

1) The growth of serious disabilities among the U.S. working population continues to be alarming. Over the last 10 years, the number of U.S. workers with long-term disabilities has grown four times the increase in the number of workers in the U.S. workforce. The number of individuals receiving long-term disability insurance payments also continues to increase.

2) Working women and younger employees are more vulnerable to serious disability. The growth in the rate of serious disability for working women is twice the growth rate of disabilities among working men. More younger workers in their 20s, 30s and 40s are experiencing serious disabilities.

3) Favorable trends in cancer, cardiovascular/circulatory and nervous system-related long-term claims may be the result of advances in medical technology. The growth of musculoskeletal, connective tissue, mental disorder and accident/injury-related claims may be related, in some degree, to certain lifestyle choices and personal behaviors.

4) Social Security Disability Insurance approval rates declined to 37.6% in 2007, the lowest point in the history of the program, while applications for disability payments continued to increase, reaching 2.2 million. SSDI payments have not kept pace with the growing financial needs of disabled workers, putting the financial security of more workers and their dependents at greater risk.

5) Financial planning in the event of an income- limiting disability is becoming more critical and urgent for wage earners as the accountability for personal financial security continues to shift away from social programs and employers toward the individual worker.

It is even more evident to protect your most important asset i.e. “your income earning capacity”. Please contact BeamaLife Disability Insurance Specialist at (866) 972-3262 for your personalize quote and advice.

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