The Hidden Value of Social Security Disability Insurance: Why It’s Important During Benefits Enrollment
In an increasingly competitive job market, employee benefits elevate companies in the minds of their current employees, as well as prospective workers. Below are some of the most important and sought after benefits for employees. Content here was provided to the Council for Disability Awareness blog by benefits expert Phil Bruen, VP, Group Life and Disability Products at MetLife.
1. Disability Insurance and Income Replacement
Just one in four of today’s 20 year-olds will become disabled before they retire.1 And yet less than half of Americans report they have enough savings to cover even three months of their living expenses.2 Providing an option for short- and long-term disability insurance offers employees a simple way to keep unexpected events from turning into financial disasters.
2. Supplemental Health Benefits
Today’s employees want and need a solid health insurance plan. But for most individuals and families, that’s only a component of their overall healthcare. For example, 53 percent of employees consider dental insurance a “must-have,” and 37 percent say the same about vision care. Other key offerings that employers can consider include hospital indemnity, critical illness, and accident insurance. All of these complement health plans, and provide employees with additional financial resources when they may need them most.
3. Retirement and Financial Wellness
Nearly three-quarters of employees report that saving for retirement is a priority. Nearly half of employees say they’re already concerned about outliving their savings, according to the 2018 MetLife research. Traditional employer-sponsored retirement plans certainly provide the financial security and savings that employees want. Additional benefits, like lifetime income solutions, life insurance products, financial planning, and education services work to strengthen overall benefit plans. They also give workers additional ways to prepare for retirement.
1 Disability Statistics, The Council for Disability Awareness accessed
September 2018: http://disabilitycanhappen.org/overview/
2 Chances of a Disability, Ibid, The Council for Disability Awareness updated March 28, 2018: http://disabilitycanhappen.org/disability-statistic/
Looking for more information on supplemental benefits? Join Phil Bruen and Carol Harnett as they discuss consumer strategies this open enrollment season on the CDA’s BlogTalkRadio.
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