The October newsletter focused on how financially debilitating a long-term disability may have on an individual and their family. Previously mentioned, accidental disabilities are not planned, some are long term; however, many are short term. Either long or short, an accidental disability may cause financial hardship that could last for months or years. As promised, this month, we will spot-light the top short-term disabilities and their impact.
1. Short Term Injury (excluding back): Customers may tell you that they have “coverage at work”, but 90% of short-term injuries occur “off the job”. This coverage is typically Workman’s Comprehensive coverage and is only applicable when the disability occurs at work and is “work related”. If the injury occurs outside the work place, the employee’s “short term” disability may only pay a percentage of their salary. The National percentage is approximately 66% (depending on the employer’s benefit program). A great question to ask your customer may be; “Should you be eligible to use your employer short term coverage, how would losing 34% of your income impact your lifestyle?” Asking this question really puts it in perspective as to the long-term financial impact.
2. Short Term Joint Disorders: As we learned last month, joint disorders may be long or short term. Joint disorders are not discriminatory. Age, type of work, hobbies, etc. may cause musculoskeletal issues. Some accidental joint disorders may be due to an accident and not just natural wear and tear on the body.
3. Short Term Digestive Disorders: These are more common today based on eating habits and consuming fast food, ethic foods or food preservatives that an individual may not be used to. Problems with the kidneys, liver, esophagus or digestive tract have increased over the years and appear quite frequently in short term medical claims. Many of these disorders, if left untreated, may manifest into long term and life-threatening conditions.
4. Short Term Cancer: Cancer is a leading cause of both long and short-term disabilities. Breast cancer is the #1 type of malignant cancer among short-term disability claims. Cancer of the genitourinary organs (organs of the reproductive system and the urinary system) comes in second, followed by cancer of the digestive system.
Never assume that your customer has an adequate medical plan that may ease some of the financial burden. As already mentioned, any type of disability, even short-term ones, promote stress and could lead to financial hardship. Remember to ask your customer questions and provide insight that will help them make the best decision for their lifestyle. Remember, Payment Protection might be the right fit and allow the added protection that will help your customer if they were to experience a short-term disability.
benefitnews.com/slideshow/disability PPI/For Internal Training Use Only Download PDF version here
