According to data from the Social Security Administration, about one in every four U.S. adults will become disabled before they reach retirement age. Disabilities can affect people of any age, but many don’t even consider the possibility until they’re faced with a disabling injury or illness themselves. A study published by the National Institutes of Health shows that, from 2011 to 2013, 20.1 million U.S. adults reported a disability that caused them to miss a significant amount of work, including repetitive stress injuries to their back or neck, autoimmune diseases, arthritis, and mental health conditions such as severe depression and anxiety.
Many Americans don’t realize that there is a safety net they and their employers can put in place to make sure they’re not left without income in the face of a disabling injury or illness. Short-term disability policies provide an employee with a portion of their regular income if they’re out with a condition lasting only a few months. This can include recovery from an injury, pregnancy and childbirth recovery, and shorter-term mental health conditions. Long-term disability policies cover disabilities that could keep an employee out of work for years (or even the rest of their life), such as cancer, severe arthritis, and severe mental health conditions. Many short- and long-term disability policies cover around 60 percent of an employee’s pre-disability income.
Illinois may not legally require employers to offer disability insurance to their employees, but it’s a good way to attract and retain talented and conscientious employees. Employees appreciate knowing that, if they do ever need to take leave from their job for a medical reason, they and their families won’t lose the income they depend on. Some employers cover 100 percent of the premium for short- and long-term disability coverage, and this investment can pay off, as it allows employers to offer at least partially paid medical leave (including maternity leave) without the business having to shoulder the entire cost. And if an employer can’t afford to cover the full cost of a group policy, they can offer voluntary disability policies that employees can purchase at an affordable rate.
Disability insurance is a valuable component of a comprehensive employee benefits package. At Kamm Insurance Group, our benefits advisors are happy to help you create a benefits package that will retain employees at a price you can afford.