Filing for Workers’ Comp? 3 Ways Your Financial Outlook May Change
Tuesday, December 12, 2017, 12:00 PM | Leave Comment
Nobody wants to be injured on the job, but if you do experience a workplace injury and miss significant time, workers’ compensation can help you avoid financial trouble.
Worker’s comp is a type of insurance that employers are required to carry, and its purpose is to pay for medical care and missed wages for employees who suffer work-related injuries or illnesses.
But while workers’ comp can help protect you financially, your financial outlook will likely need to change when you miss time.
Here are three ways your financial outlook may change after filing for workers’ compensation.
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Thriftier Financial Practices
While workers’ compensation benefits will provide you with a certain percentage of your missed wages, you won’t be earning your full regular wage.
The maximum wage you can earn for missed time due to a workplace injury is two-thirds of your regular weekly wage, and you may receive even less if you aren’t completely disabled. Financially, this means that you’ll probably need to be thriftier when recovering from your injury.
Your medical care will be covered, but your temporary financial outlook will be similar to your situation if you received pay cuts or had to switch to a lower-paying job. This may be a time you need to tap into savings to afford all your bills, or you may just need to spend less on food and personal items.
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Additional Work
You may also find yourself needing to find temporary work to supplement the reduced wages you receive from workers’ compensation.
Many injured employees find it necessary to work a part-time job that isn’t physically taxing while they’re on worker’s comp, such as working online or serving as a cashier.
Another option is to see if your employer has light work that you can handle if you’re partially but not completely disabled. They may not be required to pay you your normal hourly wages for the lighter work, but the earnings can help supplement the benefits you receive from worker’s comp.
If your disability prevents you from working your current job in the future, you can also receive counseling to help you find a new career in a different field.
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Lawyer’s Fees
One final potential change to your financial outlook is that you may need to hire an attorney.
Although the purpose of worker’s comp is to aid employees injured in their workplace, this doesn’t mean that the system always treats disabled workers fairly. This is where an injury attorney comes in.
If your claim is disputed, or if the legal workings become too complicated for you to follow, you’ll want to hire an attorney experienced in workers’ comp cases such as those from Ahlander Law, a group of worker’s comp lawyers in Las Vegas.
Legal fees will be an added financial concern, but it’s worth it, as having a personal injury attorney can mean the difference between receiving the benefits you deserve or being short-changed.
Workers’ comp cases can be legally complicated, so it’s not advisable to attempt to handle your case on your own.
While workers’ compensation benefits can help you stay financially stable after suffering a workplace illness or injury, you’ll have to reconcile yourself with the fact that your financial outlook will likely change.
The reduced wages you earn will likely require you to budget more carefully, and you may find yourself needing to find temporary work to supplement the reduced wages; in extreme cases, you may need to find a new career entirely.
But as long as you keep a close eye on your finances and hire an experienced attorney if necessary, you can ensure that you receive the maximum possible compensation, as well as medical care and assistance finding new work.
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