Disability Coverage Remains A Mystery To Many Employees
Disability insurance and what it covers remain a mystery to many full-time employees, according to a recent national survey by MetLife Inc., New York.
More than half of full-time employees have done no specific planning for their financial security and protection in the event of a disability, according to the survey.
Of employees who have disability insurance coverage, only 52% overall believe their coverage provides adequate protection. This percentage is even lower for women, the survey says.
Twenty-seven percent of women between 21 and 39 who are full-time employees do not think maternity is covered, while 45% are not sure.
“The findings of this survey are a strong wake-up call for the need to increase disability benefits education for employees,” says Maria Morris, vice president of MetLifes group disability operations.
Although women account for almost two-thirds of group short-term disability insurance claim volume, only 43% of women feel their disability coverage provides adequate protection. More than one-third of women admit they dont know how to determine adequate coverage amounts.