Did you know that disability claims are up 100% thus far in 2022 compared to this time last year? What could cause such a dramatic spike? Surely, it’s a combination of all things relating to the pandemic.
The side effects and potentially lengthy recovery process of the virus is partially to blame here, but that only paints part of the picture. COVID-19 has introduced several health risks apart from the virus itself. For example, musculoskeletal claims have remained among the most popular disability claims since the pandemic began. Perhaps this can be attributed to the poor posture-inducing conditions and the potentially poor ergonomics of home workstations.
Another key contributor to the uptick in claims is the fact that overall spending on mental health claims increased by 25% between 2020 and 2021. Instances of digestive disease claims have also rapidly increased, which has serious implications as digestive issues can be directly linked to increased stress in many cases.
So, where is one to turn when the stress of living in the middle of a pandemic bubbles up? Unfortunately, we can look to statistics here for yet another source of increased claims in 2022: substance abuse. Throughout the pandemic, nearly 30% of those who use drugs regularly reported an increase in their usage.
What Can You Do?
Clearly, the increase in disability claims has occurred for many valid reasons. As employers, it’s up to us to create the framework that allows individuals suffering from any of these ailments to get the help they need. At the same time, there are many types of leave available that you may already be offering your team, including:
- Sick time
- State Mandated Paid Family Medical Leave/FMLA
- Executive Salary Continuation
- Worker’s Compensation
- Parental Leave
When working with clients to select their own coverage, our top priority is taking a thorough approach and recommending short-term disability. Too often, we discover that businesses have implemented disability programs that don’t align with their in-house and/or state-specific leave policies. This type of oversight almost always means the employer is significantly overspending. As such, our best advice to any businesses shopping for disability insurance is to do your due diligence. There are many providers on the market, each offering a host of unique coverages. You may even be able to get a better deal with multiple insurance carriers, so a thorough approach is imperative for the best results. After all, the health of your team and your business’s bottom line could potentially be at stake.
Choose the Right Short Term Disability Coverage with TriBridge Partners
To discover how our experts can assist your organization or business, please call our office today at 240-422-8799, email Jessica Storck at Jessica.firstname.lastname@example.org, or find us on LinkedIn.