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:6/25/2016)... ... June 25, 2016 , ... Experts from the ... AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes Convention Center in ... topics including advance care planning, healthcare costs and patient and family engagement. , ...
(Date:6/25/2016)... ... June 25, 2016 , ... "With 30 hand-drawn hand gesture ... said Christina Austin - CEO of Pixel Film Studios. , ProHand Cartoon’s package ... Final Cut Pro X . Simply select a ProHand generator and drag it ...
(Date:6/25/2016)... ... June 25, 2016 , ... Dr. Calvin ... injury. Recently, he has implemented orthobiologic procedures as a method for treating his ... of the first doctors to perform the treatment. Orthobiologics are substances that orthopaedic ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published June ... with. The article goes on to state that individuals are now more comfortable seeking ... common operations such as calf and cheek reduction. The Los Angeles area medical group, ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was ... his family verbally and physically. , “When something upset him, he couldn’t control his emotions,” ... He would throw rocks at my other children and say he was going to kill ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016  American Respiratory Labs (ARL), a ... now able to perform sophisticated lung assessments in patients, homes, thanks ... Inc. Patients are no longer limited to having ... PRO ® , ARL patients like Jeanne R. of ... the comfort of her own home. ...
(Date:6/24/2016)... , June 24, 2016 VolitionRx ... of Dr. Edward Futcher to the ... effective June 23, 2016.Dr. Futcher was also appointed ... Governance Committees.  As a non-executive member of the ... and strategic counsel to VolitionRx in connection with ...
(Date:6/23/2016)... Any dentist who has made an implant supported ... Many of them do not even offer this as a ... laboratory costs involved. And those who ARE able to offer ... high cost that the majority of today,s patients would not ... Zadeh , founder of Dental Evolutions Inc. and inventor of ...
Breaking Medicine Technology: