May 03, 2019disability,short term disability,long term disability,Workers Compensation,income protection,disability insurance,bankruptcy,financial wellness,employee benefits,workplace-based plans,group benefitsSA-Articles
Most Americans could not cover three months of living expenses if their income were interrupted.
Financial stress can raise the likelihood of incurring a short-term disability.
Protecting against a loss of income due to disability helps mitigate the risk of financial damage.
Americans across the socioeconomic spectrum face many barriers to financial wellness, affecting everything from the quality of their child care to planning for retirement. In addition, most have inadequate levels of savings, making it difficult to cover financial emergencies—whether that means a $400 car repair or a $1,500 medical bill.
Too often, workers assume that any injury or illness will be covered by Workers Compensation or Social Security Disability Insurance, but this is a faulty assumption. Employers can help by educating employees about both the chance of becoming disabled and the importance of preserving an income stream in the event of a disability.
A disability-related work absence may also place employees at greater risk for lost productivity because the transition back to work is more challenging than expected, and not all employers have the right programs in place to help smooth their return.
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