Over $8 billion dollars in long-term disability insurance claim payments was paid to disabled workers in 2009, a 2.9 percent increase from 2008, a recent survey found. The 2010 Council for Disability Awareness Long-Term Disability Claims Review also found that unlike most other industries, disability claims have seen little change as result of the economic downturn, even while the number of lives insured fell 2.2 percent from 2008 to 2009.
Over half of companies said they saw no meaningful change in the duration of disability claims, although 41 percent said they noticed an increase in claim duration.
Ninety-five percent of disability claims reported to the CDA were not work-related, the study found. Over 31 percent of claimants weren't eligible to receive disability benefits from Social Security.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
