Employee Disability Benefits Are Becoming Costlier and More Complicated

More employers are asking their employees to pay for their own disability coverage, according to Reuters.  Employers are also placing restrictions and limitations on disability benefits for their employees, such as limiting short-term disability benefits and lengthening the waiting period before an employee is eligible for long-term disability benefits.

“We are seeing some gradual slide to more employee financial responsibility for long-term coverage,” according to Rich Fuerstenberg, a partner with benefits consultant Mercer. “The employers who used to provide the entire cost now may provide a core benefit and allow workers to buy up their coverage.”

According to recent data from insurance industry research group LIMRA, as of 2009, 53 percent of employers required their employees to foot the bill for their long-term disability coverage, up from 41 percent from 2002.

Decisions Employees Must Consider During 2012 Open Enrollment Period

Employees must make a number of decisions with respect to disability insurance.  For instance, employees must decide whether to buy into a group plan or purchase private coverage; whether to pay for increased monthly benefits, an earlier state date or expanded coverage; and whether to forego disability insurance coverage all together.

Many employees choose to opt out of disability, assuming that if they become disabled, they will be eligible for social security disability benefits.  It can be beneficial to supplement Social Security disability with private or employer-based disability insurance since social security disability benefits may not be sufficient.

Help With All Your Long-Term Disability Needs

The proficient Chicago social security disability attorneys can advise you with respect to all of your disability benefits needs. Contact one of the skilled Chicago social security disability attorneys at Ankin Law Offices, LLC at (800) 442-6546 to schedule a free consultation to learn more about long-term disability insurance options and social security disability benefits.