Riverside, CA (PRWEB) July 02, 2012
In a phone interview today, Matthew Pardee, an AFLAC Sales Associate, shined a spotlight on alarming recent reports which indicate that underinsurance—the lack of adequate asset coverage among American workers—is a growing and hidden threat to American workers and their families. “Many people neglect to consider how they’ll cover out-of-pocket medical expenses (co-payments and deductibles) and their everyday living expenses (mortgage, rent, utilities, groceries, car payments) when they lose income due to an injury or illness.” Pardee said.
• According to the Council of Disability Awareness, 33 percent of workers will become disabled for at least six months.
• According to the U.S. Social Security Administration, most workers don’t realize that most injuries and organic dysfunctions do not qualify as disabilities under the federal Social Security Disability Insurance program. Or that almost 70 percent of first-time applicants are denied, and those who do qualify typically wait an average of two years before receiving their first payment.
• 91 percent of disabilities are caused by common illnesses or health conditions which aren’t typically covered by workers’ compensation.
• According to a recent Harvard study, sixty percent of personal bankruptcies occur as a result of medical bills. Of these, 77% had major medical insurance (including employer-paid policies).
• More than 60 percent of American workers live paycheck to paycheck.
• Half of all households say they couldn’t raise $2,000 within a month if they needed to.
• Counting all savings, investments and money in retirement accounts, six in 10 households have less than $50,000 of investable assets; a third of households have less than $10,000.
Pardee said, “Usually, employees rely on their employers to do the research and decide what’s best when it comes to insuring and protecting them.” Pardee encourages employers to play a larger role in their employees’ continued viability and financial security by giving employees access to insurance programs that will patch the holes that exist in their current coverage.
“Employees are the bedrock of employers’ success; without them, windows would be shuttered, doors would be bolted, and cash registers would be silent. When we consider employees’ true value—not just to employers but to their own dependents, too—getting more complete coverage for them seems to me to be a no-brainer. Companies that take care of their own will never have to look very hard for willing and eager employees.”
Read the full story at http://www.prweb.com/releases/2012/7/prweb9635339.htm