5 Financial Rules to Remember with Your Workers’ Comp Benefits

Thursday, October 15, 2015, 6:00 AM | 8 Comments

When you suffer an injury at work, you probably free stressed and overwhelmed in the aftermath. You have added medical bills on top of your other expenses.

You also have to take a break from work, which means you don’t have revenue coming in to help you pay those bills.

You can only hope that your workers’ compensation benefits will cover your expenditures.

However, before you continue with your usual budget or make your usual financial decisions, have a look at the rules listed below.

These rules will help you stay financially afloat while you heal and get your life back in order.

  1. Get Further Compensation If Necessary

    If you feel that your workers’ compensation benefits won’t adequately cover your expenses, then consult with a personal injury lawyer like the ones from Fannin Law about your case.

    Additionally, if your employer’s rampant reckless or negligent behavior led to your injury, you may be entitled to increased compensation.

    Talk to a lawyer about your situation and see if you have valid grounds to sue.

    The added compensation will give you extra closure and extra revenue so you don’t have to worry about expenses during your recovery.

  2. Visit Healthcare Providers that Your Benefits Approve

    If you don’t want to cover your medical expenses out of pocket, you have to go to a doctor your employer approves.

    You’ll save money this way. You’ll also save yourself from a lot of frustration because your employer-approved doctor likely specializes in work-related injuries.

    He or she will know exactly what information to give to your lawyer to support your case.

  3. Do Not Use Your Personal Medical Insurance

    Workers’ compensation is completely separate from your personal medical insurance plan.

    You should not have to use your own insurance to cover the injuries your employer or workplace caused.

    Additionally, you will have to pay a deductible with many personal medical insurance policies, and you might not have enough money to cover that deductible. Stick with the workers’ compensation coverage.

  4. Avoid Unnecessary Expenses

    Workers’ compensation only covers around 66.5% percentage of your average weekly wage, or up to a little over $700 per week.

    So even if you qualify for full workers’ compensation benefits, you might not make enough to cover a tight budget.

    So do what you can to cut everything unnecessary out of your monthly expenses, at least until you can get back to work.

  5. Look into Alternative Jobs If You Have a Permanent Disability

    Some injuries can physically or mentally keep you from doing the same job that you did before.

    If you find yourself in these difficult circumstances, look into alternative sources of income.

    You’ll need another way to make money if you have a tight budget. Look into Social Security or other sources if your injury keeps you from working entirely.

A workplace injury does not have to give you financial trouble. Keep these rules in mind so you can mitigate money problems while you heal.

Author BIO

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter: @RachelleWilber

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  1. 8 Responses to “5 Financial Rules to Remember with Your Workers’ Comp Benefits”

  2. By Elden Gatley on Mar 7, 2016, 11:45 am | Reply

    I agree that you should consider being more frugal when living off worker’s compensation. I feel like in addition to doing so because it’s less than your normal pay, you should also do so because you don’t know if you will re-injure the wound. If that did happen, you’d be off work for even longer.

  3. By Silas Knight on May 3, 2016, 4:12 pm | Reply

    Getting workers compensation can have a lot of benefits. However, there are a few things to avoid, so I appreciate your article that lists those things. I had never known that workers comp only covers around 67% of your average weekly wage, thanks for the information!

  4. By Vivian Black on May 19, 2016, 7:19 pm | Reply

    It’s a good tip to seek further compensation if necessary and look into finding a lawyer who can help you with seeking those adjustments. It makes sense that seeking added compensation would help you get extra closure along with extra revenue to cover costs. It’s probably a good idea to find a lawyer who has a lot of experience in these types of claims.

  5. By larissa on Jul 15, 2016, 1:03 pm | Reply

    Calculating losses when you work for yourself is difficult, but not impossible. It’s helpful to keep good records of your income beforehand so that whenever you may need them, they are there to help. Thanks for the great advice!

  6. By Christina on Oct 20, 2016, 3:44 pm | Reply

    Your tips on avoiding unneeded expenses and looking for alternatives are valid ones. Also, it can be stressful to be injured, just as you’ve shared.

  7. By Arman Deganian on May 22, 2017, 7:14 pm | Reply

    It’s important to note in relation to taking on another job, if you do so, you’ll likely receive less compensation through Workers Comp. In Georgia, it’s $383 per week max for 350 weeks versus $575 per week max for 400 weeks for full Workers Comp. That’s a $192 difference!
    Arman Deganian recently posted…Attorney Steve Litner Completes GTLA LEAD ProgramMy Profile

  8. By Lucy Gibson on Jul 17, 2017, 7:23 pm | Reply

    I really like your second tip about how an employer-approved doctor will likely specialize in work-related injuries and know what type of information to give an attorney. It seems like filing workers compensation could be a little stressful or confusing if you’re not well educated about the process. Finding a lawyer who specializes in this sort of thing could be a big help if you’re ever injured on the job. I’m sure this can help reduce some of the stress that could come from getting injured.

  9. By Ellie Davis on Sep 12, 2017, 4:14 pm | Reply

    It’s definitely interesting to hear that you would want to avoid using your own insurance when getting medical care though. That is something that I’m sure could easily become an issue, if people aren’t prepared for it. I, luckily, haven’t had to deal with any issue like this in the past, but I’m glad I know a little bit about it, in case something comes up in the future.
    Ellie Davis recently posted…Hello world!My Profile

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