Social security’s disability program is almost broke

Aging baby boomers and unemployed workers have swamped the Social Security disability program with claims for benefits, which has sent the system – which was already facing a financial struggle – to the point of near insolvency. Since ten years ago, applications have increased by almost 50 percent, as individuals with disabilities are laid off and cannot find employment within an economy that has dropped almost 7 million jobs. The flood of benefits claims has created an increasing applicant backlog – many of whom must wait two years before their…

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California District Attorneys awarded million in grants to fight insurance fraud

California’s Department of Insurance is issuing over $3 million in grants to the state’s District Attorneys in an effort to battle the spread of fraudulent disability and health claims. The state has been wracked with fraud for several years, a fact that Insurance Commissioner Dave Jones has labored to rectify. According to Jones, the grants will be used to fun investigations and prosecutions as the state government looks to crack down on insurance fraud. Jones hopes that the move will also dissuade individuals from committing fraud, knowing that District Attorneys…

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Report shows workplace disability insurance protects workers and saves taxpayers

A study commissioned by Unum, the leader in employee benefits, and performed by Charles River Associates, has shown that group disability insurance protects up to half a million families from poverty, and directly saves taxpayers and the government up to an estimated $4.5 billion every year. According to The Wharton School emeritus professor David F. Babbel, who is the Charles River Associates leader of the Insurance Economics Practice, the study “quantifies the immense economic value financial protection products such as disability, life and long term care insurance provide American workers.”…

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