In a series of surveys conducted by Harris Interactive for the America’s Health Insurance Plans, Baby Boomers were questioned about their opinions, perceptions and preparedness about disability coverage and how they might be impacted financially were they struck with a debilitating disease or injury that kept them from working.
The results were a little astounding, actually. Probably more so than most would believe. Below is a synopsis of the findings as well as a link to the official findings from the surveys.
- Almost half of the Boomers surveyed do have disability income protection, yet think that is important to have protection.
- Boomers would have a hard time making their bills should a disability happen, as most are not prepared for an event like that.
- Most Boomers do not fully understand the amount of public disability assistance they would has a benefit should a disability occur and generally think the benefit amount would be more than it actually is.
- Most are not concerned about the risk of being disabled, do not know the most common sources of disability and are not aware of the how much risk they are actually in of being disabled.
No one is really safe from disability, since most disabilities are caused by illnesses like cancer, heart disease and diabetes; not injuries. Knowing the actual risks of being disabled and being prepared the best defenses for you and your family. Talk with your employee benefits coordinator or your financial planner to explore the best options to mitigate the risks of disability.
Baby Boomers Underestimate Disability Risk
Social Security Administration Disability Planner