- Seventy-two percent of American workers
agree something can be done to protect against an injury or illness
that keeps them from working, but few consider ways to protect
their financial health if they had to go without a paycheck
- About two out of five American workers
worry about unexpected medical costs
- Employees are twice as likely to choose
benefits that can protect their financial health if those benefits
are offered by their employer
Nearly half of American workers (47 percent) say they love their
jobs and 10 percent would continue to work even if they won the
lottery, according to a Cigna survey of workplace attitudes.
However, the Cigna survey, recognizing Disability Insurance
Awareness Month, also revealed that most American workers don’t
have an adequate plan for sustaining an income should they be
unable to work due to a disabling illness or injury.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160525005121/en/
Cigna study finds U.S. workers love their
job for different reasons, but most don't consider ways to protect
their financial health if a disabling injury or illness were to
strike. (Graphic: Business Wire)
More than 1.5 million workers suffered injuries or illnesses in
2014 that required absences from work, job transfers or
restrictions at work,i and the Cigna survey found that most workers
(72 percent) say they are taking proactive steps to guard against
such circumstances. While good intentioned, many of the actions
workers said they were taking could fall short if they were out of
work and unable to earn an income for more than a few days.
“American workers are on the right track when they say they are
making healthier choices and even saving money to prepare for the
possibility they could be out of work for more than just a few days
if they were sick or injured,” said Mark Marsters, senior vice
president for Cigna's disability insurance business. “Beyond
the costs of medical treatment, if recovery required time away from
work, paying for everyday bills or for extras like child care,
transportation or home maintenance could become a challenge.”
The most popular actions workers say they have taken within the
past six months to financially protect themselves against an
unexpected illness or injury are:
- Trying to be healthy to avoid an
illness (51 percent),
- Saving more money (35 percent),
and
- Taking precautions to become more
safety conscious (33 percent).
However, only one in ten survey participants said they bought
additional disability insurance or purchased supplemental insurance
products like critical illness, accidental injury or hospital
indemnity insurance. According to the Bureau of Labor Statisticsii,
only 39 percent of private industry workers have short-term
disability insurance and even fewer – 33 percent – have long-term
disability coverage, suggesting that employees may be placing too
much confidence in strategies that don’t include insurance
coverage.
The survey revealed that many workers get a sense of pride from
working (63 percent), a sense of accomplishment (57 percent) and
also enjoy their relationships with people at work (52 percent).
Being away from work can also mean more than losing a paycheck,
reinforcing the importance of having support services to help in
returning to work as soon as individuals are able.
“In addition to more financial protection, disability insurance
offers access to resources and support services so workers don’t go
through the recovery process alone and can return to work when
they’re ready,” Marsters said.
Medical costs worrying American workers
In Cigna's study, 44 percent of American workers said that they
worry about how they might pay for medical costs not covered by
their medical plan. With two-thirds of Americans living
paycheck-to-paycheck, costs associated with a hospital admission
can be an unexpected challenge to an individual’s finances.iii
Having disability and voluntary coverages offers workers
additional financial protection as well as access to vocational
coaches and other valuable resources to help them return to work as
quickly and safely as possible. Many disability plans provide
services to help employees with potentially disabling conditions
stay at work, and pay partial disability benefits that enable
employees to work part-time or on a modified-duty basis as they
recover from a disability. When return to work isn’t an option,
insurers offer assistance with application for Social Security
Disability Insurance benefits.
Employers Influential in Workforce Decisions
Employers may play an influential role in helping employees
build their financial safety net. In the Cigna study, employees who
are offered disability insurance, critical illness insurance,
accidental injury insurance or hospital indemnity insurance are
nearly twice as likely to see how these products can help provide
additional financial protection than workers who don’t have these
benefit options available.
Employers can use that influence to enhance educational
materials about benefit options. For example, when asked about
benefits they would want if a disabling injury or illness were to
occur, only 47 percent of those surveyed said disability insurance.
Nearly as many, 39 percent, said they would turn to sick time or
Family & Medical Leave (FML) for help. However, the Family
& Medical Leave Act doesn’t provide any financial assistance as
it is a federal law requiring employers to provide employees
job-protection and unpaid leave for qualified medical and family
reasons.
“Through the support of employers, brokers and insurers working
together, American workers can make better benefit choices and
ultimately have access to the resources they need to stay
productive and healthy, while also protecting their financial
health,” said Marsters.
About the Survey
The online survey commissioned by Cigna, was conducted by TNS, a
part of the Kantar Group which is a division of WPP Worldwide,
included responses from 1,389 full and part-time employed Americans
18 years of age or older. Interviews took place during the week
April 18, 2016. The sampling error for this study is +/- 4 percent.
Cigna last surveyed U.S. workers about their view of Live to Work,
Work to Live attitudes in 2010.
About Cigna
Cigna Corporation (NYSE: CI) is a global health service company
dedicated to helping people improve their health, well-being and
sense of security. All products and services are provided
exclusively by or through operating subsidiaries of Cigna
Corporation, including Cigna Health and Life Insurance Company,
Connecticut General Life Insurance Company, Life Insurance Company
of North America, Cigna Life Insurance Company of New York, and
their affiliates. Such products and services include an integrated
suite of health services, such as medical, dental, behavioral
health, pharmacy, vision, supplemental benefits, and other related
products including group life, accident and disability insurance.
Cigna maintains sales capability in 30 countries and jurisdictions,
and has more than 90 million customer relationships throughout the
world. To learn more about Cigna®, including links to follow us on
Facebook or Twitter, visit www.cigna.com.
i Bureau of Labor Statistics, U.S. Department of Labor,
Employer-Reported Workplace Injury and Illness Summary - 2014,
http://www.bls.gov/news.release/osh.nr0.htmii Bureau of Labor
Statistics, U.S. Department of Labor, The Economics Daily, Workers
with disability insurance plans,
http://www.bls.gov/opub/ted/2015/disability-insurance-plans-for-workers.htmiii
American Payroll Association, “Getting Paid in America Survey,”
2014.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160525005121/en/
Cigna CorporationJim Angstadt,
215-761-8748jim.angstadt@cigna.com
Cigna (NYSE:CI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cigna (NYSE:CI)
Historical Stock Chart
From Apr 2023 to Apr 2024