Navigation Links
Many Baby Boomers Incorrectly Believe They Are Protected Against the Risk of Disability
Date:5/22/2008

WASHINGTON, May 22 /PRNewswire-USNewswire/ -- Many baby boomers incorrectly believe they have disability income protection, according to a new survey conducted by Harris Interactive(R) on behalf of America's Health Insurance Plans (AHIP). Most say that disability insurance is important to protect their income, but nearly half say they do not have any disability income protection.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040830/AHIPLOGO )

"Baby boomers recognize the value disability insurance provides, but many mistakenly believe they are covered," said Karen Ignagni, President and CEO of AHIP.

The survey assessed baby boomers' perceptions about the need for disability income protection. Most baby boomers (56 percent) say that disability income insurance is important to protect their income should the primary wage earner in their household become disabled and unable to work for an extended period of time. Only nineteen percent said that disability insurance was not at all important.

However, nearly half of baby boomers acknowledge they do not have any form of disability income protection. According to the survey, only 52 percent of baby boomers say they have either short-term or long-term disability insurance.

Many baby boomers incorrectly believe they have disability income protection. The survey found that 44 percent of baby boomers say they have long-term disability insurance provided through their employer or purchased individually. In reality, only 30 percent of workers in private industry have long-term disability insurance coverage, according to the U.S. Department of Labor.

Specifically, twelve percent of baby boomers said they purchased long-term disability coverage on their own. Data show that there are just over three million active individual disability insurance policies, which accounts for only about 2 percent of U.S. workers.

"Many baby boomers have a false sense of financial security against the risk of disability," said Humphrey Taylor, Chairman of the Harris Poll.

Baby boomers were also asked what their primary source of financial assistance would be if they became disabled and were unable to work. A quarter (25 percent) said they would rely on their personal savings. Others said they would rely on Social Security Disability Insurance (15 percent), private disability insurance (13 percent), or Workers' Compensation (13 percent). Previous surveys have found that baby boomers overestimate the coverage available through public disability programs and most are not financially prepared to weather even a short term disability.

In addition, almost half of baby boomers (47 percent) said they had a conversation about disability insurance in the past year. When asked about where they would most likely seek information about private disability income insurance, almost a quarter (24 percent) said an insurance agent, seventeen percent said their Human Resources representative, fifteen percent said the internet, and ten percent said a financial advisor.

This is the fourth in a series of surveys assessing baby boomers' awareness of and knowledge about disability income protection. More information about these surveys is available at http://www.YourIncomeAtRisk.org.

America's Health Insurance Plans - Providing Health Benefits to More Than 200 Million Americans

Harris Interactive conducted an online survey on behalf of AHIP between April 25-29 among a nationwide sample of 3,607 adults aged 18 and older, including 1,182 Baby Boomers aged 44 - 62. Data were weighted to be representative of the total U.S. adult population that is online on the basis of region, age within gender, education, household income and race/ethnicity, and for propensity to go online. No estimates of theoretical sampling error can be calculated; a full methodology is available.


'/>"/>
SOURCE America's Health Insurance Plans
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Most Baby Boomers are Financially Unprepared for a Potential Disability
2. Most Baby Boomers Overestimate Breadth and Depth of Public Safety Net for Disabled Workers
3. Recognized Authority on Boomers Over 50 to Present an Environments for Aging Webinar
4. Health Care Workforce Experts Available to Comment on IOM Report on Aging Baby Boomers and Impending Medical System Crisis
5. Health Care Work Force Too Small, Unprepared for Aging Baby Boomers; Higher Pay, More Training, and Changes in Care Delivery Needed to Avert Crisis
6. Aging Baby Boomers Will Drive Demand for Healthcare Properties Over Next Decade, Grubb & Ellis Report Reveals
7. Insights on Paying for Boomers Care Needs in 20-40 Years Helped by New Report
8. New Poll Shows Public Worried About Medicare Cuts Impact on Seniors, Boomers - Wants Congress To Act
9. 10 Million Baby Boomers Face Alzheimers, Report Predicts
10. New Harris Survey Finds That Most Baby Boomers Underestimate Disability Risk
11. New Study: Aging Baby Boomers Could Overwhelm U.S. Health Care System by 2017, Unless Decisive Action Is Taken
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... ... February 10, 2016 , ... 10 Best Water is ... leading bottled water brand owners that topped the list as a result of their ... conversion. The premier brand was Tibet 5100, a top notch water company that specializes ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... bring together more than 200 of the country’s top healthcare executives to share ... “The true benefit of the Forum is the provider-centric perspective, experience, expertise and ...
(Date:2/10/2016)... ... 10, 2016 , ... Armune BioScience signed a definitive agreement with ... service centers across the country. Launched in April of 2015, Apifiny is the only ... cancer. Apifiny order volume exceeded 3,000 tests in 2015. Primary care physicians and urologists ...
(Date:2/10/2016)... ... February 10, 2016 , ... A national ergonomics ... and Expo event March 9-11, 2016. Hosted by Ohio's Bureau of Worker's Compensation, ... As the longest running and largest worker's compensation event in Ohio, organizers of ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... February 26th: Amateur & Professional Divisions - Time: 7:00pm – 10:00pm | ... | Ticket Prices $30, Social Media: http://www.USPoleSportsFed.org , Facebook: http://www.facebook.com/uspolesportsfederation ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... 10, 2016  Visage Imaging Inc. ("Visage"), a ... has announced that the American College of Radiology ... selected the Visage 7 Enterprise Imaging Platform as ... Care Imaging SIMulation (SIM). SIM is the assessment ... (WIDI), a multi-faceted and fully-integrated online assessment, education ...
(Date:2/10/2016)... CORAL SPRINGS, Florida , February 10, 2016 ... Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS ) and Celldex Therapeutics, ... Medivation, Inc. (NASDAQ: MDVN ), Adamas Pharmaceuticals, Inc. (NASDAQ: ... ). --> Today,s latest Orphan Drug Designations become ... granted by the FDA to novel drugs and biologics which ...
(Date:2/10/2016)... and OR AKIVA, Israel , February ... Ltd., a leader in the field of cartilage ... round on February 5, 2016. The $15 million investment ... a leading Chinese pharmaceutical manufacturer, and was joined by ... Generali Financial Holdings and both the Technion Research & ...
Breaking Medicine Technology: