A new proposed rule seeks to give disability insurance participants more rights when appealing claims denials – but that may not be a good thing.
Some industry stakeholders have voiced concern that the Department of Labor’s Disability Claims Rules, which would change the way disability benefits claims are adjudicated, would be too onerous for plan administrators and ultimately make the product more expensive. This could discourage employers from offering disability insurance to its workforce altogether.
First proposed in November 2015, the rule is currently being finalized. It would take effect 60 days after being finalized.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
