There is no doubt that being injured at work and losing your job due to injuries and disability is a nightmare. Suddenly, life becomes unbearable as mortgages and rent become challenging to pay. Your family may be at risk of losing their home or standard of living.
Workers’ Compensation
Workers’ compensation covers the numerous costs that are associated with injuries you might receive on the job. There are many injuries that may qualify you for workers’ compensation. The worker’s compensation covers the costs of injuries, illnesses, lost wages, and many more. Unfortunately, many injured employees make simple yet costly mistakes during the process of claiming the worker’s compensation. If you are injured at work, it is crucial to comprehend your legal rights and responsibilities. Immediately report the injury to the management and then get prompt medical treatment. Understand the benefits that are available in the worker’s compensation. Plan for an independent medical examination and keep detailed records. Attend the scheduled legal appointments, and consider hiring a lawyer.
Social Security Disability
These are benefits that are paid to a worker whose disability is expected to last for more than 12 months. The disability must be so severe that the worker cannot perform any gainful employment. The social security (SSD) receivables are stipulated in the estimated benefits section. In most cases, the total benefit that a worker can receive is between 150 and 180 percent of the expected benefits. The eligible family members are children, a spouse, a disabled child, and a divorced spouse. In case the worker is a recipient of a lump-sum worker’s compensation, then the combined amount with SSD should not exceed 80 percent of the worker’s mean current earnings.
Individual Disability Income Insurance
Unfortunately, sometimes work injuries turn into permanent disabilities. This can affect your ability to work. In this case, it’s a good idea to have individual disability income insurance. This insurance policy is the best way to ensure that you have adequate incomes in the event of work-related disability. Even with the worker’s compensation, the insurance may cater from 50 to 70 percent of your income. The advantage of this scheme is that when you pay the premiums yourself, then these benefits are not taxable.
Injuries at work are unfortunate occurrences, and the injured employees should be assisted in any way possible. But as an individual, you should take individualized cover for your incomes. You should navigate the worker’s compensation system very carefully to know when to accept the settlement and the amount.
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