A new survey of workers finds most aren’t prepared if injury or sickness put them out of work for more than a few days and most lack a plan for sustaining their income.
Bloomfield-based Cigna conducted the survey as part of Disability Insurance Awareness Month. It found that most workers (72 percent) say they are taking proactive steps to guard against such circumstances but many of the actions could fall short if they were out of work and unable to earn an income for more than a few days.
Mark Marsters, senior vice president for Cigna’s disability insurance business, said workers aren’t factoring in beyond the costs of medical treatment. He said if recovery required time away from work, paying for everyday bills or for extras like child care, transportation or home maintenance could become a challenge.
The most popular actions workers say they have taken within the past six months to financially protect themselves against an unexpected illness or injury are:
- Trying to be healthy to avoid an illness (51 percent);
- Saving more money (35 percent); and,
- Taking precautions to become more safety conscious (33 percent).
The survey showed only one in 10 participants said they bought additional disability insurance or purchased supplemental insurance products like critical illness, accidental injury or hospital indemnity insurance. According to the Bureau of Labor Statistics, only 39 percent of private industry workers have short-term disability insurance and even fewer – 33 percent – have long-term disability coverage.
Cigna said in a statement that suggests employees may be placing too much confidence in strategies that don’t include insurance coverage.
