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September 23, 2013 at 12:40 PM
Workers who become disabled may find themselves skipping medical care and shifting to a bare-bones lifestyle even if they collect disability insurance benefits.
But workers who have disability benefits are much more likely than the uninsured to be able to stay in their homes.
Analysts at the Consumer Federation of America (CFA) and Unum Group Corp. have published that finding in a report based on a survey of 407 long-term disability (LTD) insurance beneficiaries conducted by Mathew Greenwald & Associates.
The CFA and Unum wanted to help consumers, employers and policymakers understand how access to short-term disability (LTD) and LTD benefits affects workers who suffer disabling accidents or illnesses before the normal retirement age.
The analysts found, for example, that 65 percent of the disabled workers with annual household incomes under $50,000 had to skip or delay medical care in spite of access to disability benefits — and that even 51 percent of the disabled workers with disability benefits and annual household incomes over $50,000 had to skip or delay care due to financial considerations.
