MetLife Study Shows Most People Unprepared for Disability
Posted on Sep 16, 2010
September 15, 2010 - A serious illness or injury suffered by a member of your household can result in medical expenses and lost wages, reducing the average family income by more than $12,000 in the first year even with medical coverage to help.
These statistics come from a pair of MetLife studies-released in August 2010-that examined the savings and financial protections the average American family has in place should a member suffer a serious illness leading to disability.
The Financial Impact of Critical Illness study surveyed 1,002 people ages 25-55 years who had experienced a disabling critical illness between 6 months and 5 years prior to the survey. A second study, Critical Illness Awareness, surveyed 1,000 people ages 25-55 years among the general population, 508 of which were full-time employees.
In the studies, MetLife found that:
- Out-of-pocket medical expenses cost an average of $3,000 in the first year after diagnosis.
- All participants had medical coverage, yet only 7% had critical illness insurance and 4% had cancer insurance.
- Two-thirds of the working participants said they only have about 3 months worth of savings available should a medical emergency arise.
- Only 1/3 of working men felt confident their emergency savings could handle a disabling illness or injury, and only 1/5 of working women felt the same.
The financial burden from a disabling event, such as a sudden illness or accident resulting in serious injury, is often made worse by the prolonged inability to work. While health and critical illness insurance can help a family cope with medical bills, the extended or permanent inability to earn an income can drastically harm a family's finances.
In the event of a permanent disability due to a critical illness or serious injury, you may be eligible for Social Security disability benefits to help with the loss of income. A New York Social Security disability lawyer can help you determine your options should you or a family member experience a disabling event.
Contacting a New York Social Security Disability Lawyer
Before you hire a New York Social Security disability lawyer, order this free consumer's guide: 5 Mistakes to Avoid when Filing a Social Security Disability Claim, to give you an idea of the Social Security disability claims process. Contact a New York Social Security disability lawyer at the Law Offices of Frank J. Dito, Jr. to discuss your case - 1-718-701-2776.