How Financial Strain Increases the Need for Disability Coverage

The recession, along with higher health care costs and a multi-generational workforce, have created a unique situation for employers. Many Baby Boomers are working longer to recoup money lost during the Great Recession. Baby Boomers who are forced to delay retirement, are creating a workplace with higher likelihood of serious illness or injury, which can strain employer health care costs, according to an industry analysis by Standard Insurance Company.

Alex Dumont of The Standard said that it is increasingly important to offer Baby Boomers return-to-work, stay-at-work and wellness programs. But, younger age groups are also facing financial challenges including slowed upward movement and increased family responsibilities, such as caring for children and aging parents. Dumont said, “We’ve seen the cost of caring for children and aging parents rise over the last 10 years, placing a significant financial burden on Generation X and Millennials. These generations, sometimes referred to as the ‘sandwich generation’ are more likely to use family and medical leave benefits to care for family members. They are not afraid to use these benefits, especially since they can’t always afford to pay for family care services.”

To help employers manage costs associated with family medical leave, The Standard suggests giving workers more flexibility, including options for where and when they can work. A comprehensive absence management program should also be provided. For more information,

Last Updated 06/29/2022

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