STDI: Separating the Myths from the Facts

Of the many benefits offered by StaffScapes, one happens to be one of the most underutilized and most important. Short-term Disability Insurance (STDI) is often overlooked by employees when enrolling for their benefits. The reasons for this are varied, but a quick look at the numbers may convince you that you may be putting your future and financial well-being in jeopardy.

According to the U.S. Social Security Administration, 1 in 4 Americans who are 20 years old right now will become disabled for a month or longer before they are 65. That is 25%! In 2010, the Council for Disability Awareness conducted a study that concluded only 2% of Americans believe they will be unable to work for more than a month in their working years. At any given time, there are close to 20 million adults aged 20-64 years who are unable to work due to a disability. These numbers are staggering.

One of the main reasons for this disconnect between those who think they will be disabled and those who do not is that most people associate STDI with accidents. In fact, analysis of disability claims proves that illness accounts for 90% of all claims. An infection or condition could leave you unable to work with no income.

Also consider that nearly 50% of workers do not save any of their income, and that 68% do not have any savings earmarked for catastrophic emergencies. Furthermore, just about 60% of all bankruptcies filed in the United States every year have a medical condition as a contributing factor.

This being said, you should ask yourself a few questions:

• Could your savings keep you afloat for 6 months if you were to fall ill or were injured?
• Is your ability to earn an income independent of your overall long term financial security?
• Are you immune to illness or accident?

If you answered “No” to any or all of these questions, you may be putting yourself at risk for undue hardship. StaffScapes has a comprehensive STDI plan with Humana which has flexible elimination periods, competitive rates, and a simplified claims process. For more information on this plan, please contact the StaffScapes Benefits Specialist for STDI plan costs, enrollment timelines, and any other questions you may have.