Benefits

4 Ways Workers’ Comp Can Impact Your Personal Finances

July 18, 2017 by Guest Contributor

Getting injured on the job can have some serious implications for your career, personal life, and finances. For severe injuries, you may struggle with the downtime as you recover. What’s more, your workers’ compensation claim may be delayed or denied depending on several factors. A workers’ compensation claim can cause substantial financial difficulties as you may not be able to work because of the injuries. Here are four ways in which workers’ comp can impact your finances and how you can safeguard your finances.

Medical Care Payments

Most workers’ compensation claims can take months to get resolved, particularly if there are disagreements between you and the company’s insurance companies. Conflict may arise if the insurer disputes the accident or the extent of the injuries. This can happen if [Read more…] about 4 Ways Workers’ Comp Can Impact Your Personal Finances

What Happens to Your Finances When You Go out on Workers’ Comp

June 3, 2017 by Guest Contributor

Workplace injuries can and do happen to many people each day. While those who work in high-risk or dangerous jobs are more likely to suffer from a workplace injury, the reality is that issues like falling, tripping and more can happen to any worker at any time. Workers’ compensation insurance is designed to help injured workers pay for their expenses while they are recovering from an injury. However, it is important to understand more fully what happens to your family’s finances when you are out on workers’ comp. This understanding may inspire you to take action to address a possible issue before you find yourself in dire financial straits.

Your Medical Expenses May Skyrocket

Many workplace injuries result in substantial medical bills in a very short period of time. These bills may [Read more…] about What Happens to Your Finances When You Go out on Workers’ Comp

Managing Your Money and Your Expectations For Retirement

February 1, 2017 by Tim McMahon

Any change can be stressful, even a “good change” but especially stressful are changes regarding financial stability and retiring from work is one of the biggest changes in life. Relying on investments and savings rather than a monthly salary can seem daunting at first, but a little planning goes a long way, especially if you do so sooner rather than later.

Planning Ahead

You can start planning for retirement at any age but obviously [Read more…] about Managing Your Money and Your Expectations For Retirement

Questions Regarding U.K. Employment Law and PILON

December 3, 2013 by Tim McMahon

Can I receive my payment in lieu of notice tax-free in a settlement agreement?

A settlement agreement will often bring an employee’s employment to an end without the need to work the notice period. Instead, the employee receives a payment based on what they would have earned during their notice period. This is known as a payment in lieu of notice or a PILON for short. Many people presume that if the PILON is paid under a settlement agreement it can be paid free of tax. However, this is not necessarily the case.

Is the PILON contractual or not?

As a general rule, payments that are made under an employment contract are taxable. This obviously includes salary, commission, bonuses, and holiday pay. Meanwhile, payments that are made by way of compensation are tax-free (up to £30,000). For example, damages for unfair dismissal or discrimination would come within this category. And so an important question is whether the PILON is contractual or not. Does your employment contract contain a clause that allows your employer to make a PILON? If it does, then the PILON should be taxed. Since it is being made in accordance with the employment contract.

If however [Read more…] about Questions Regarding U.K. Employment Law and PILON

Protect Yourself Against Retirement Fraud

March 6, 2013 by Tim McMahon

People who retire have worked many years to earn what they have. Retirement accounts such as pensions, 401Ks and IRAs are carefully funded and managed over the employee’s working life to ensure there will be enough money in them to provide for the person’s retirement. Unfortunately, there are many people out in the world whose goal is to take the very money these workers have spent so many years earning and saving.

After all, they reason, why spend years accumulating it when you can steal it all in a few minutes? Retirement fraud is big business to some, and they will stop at nothing to get other peoples’ hard-earned money. Senior citizens have long been targets of scams. So after retiring, there are many scams you should be wary of, so that you are not left broke and wondering what to do next. Here are some tips to help you avoid becoming a victim.

Don’t Be Rushed

Don’t allow anyone to [Read more…] about Protect Yourself Against Retirement Fraud

Health Insurance Options for Unemployed Workers

January 29, 2013 by Brenda Panin

Health Insurance Options-

Finding yourself without a job is stressful. There are many decisions to make when you are unexpectedly laid off, and the worries are overwhelming. Healthcare – or lack thereof – often tops the list of concerns for the newly unemployed.

Although many people automatically opt for COBRA coverage after learning that their position has been eliminated, it’s important to know that there are other options available. A little homework could deliver significant savings and provide peace of mind in knowing that your family has healthcare coverage while you look for another job.

An independent healthcare plan might be your best option, particularly if you and your family are in good health. The higher the deductible you choose and the higher the of out-of-pocket costs you’re willing to incur, the lower your monthly premium will be. Accidents can happen at any time, but if you feel you’re close to landing a new job and you want to minimize your monthly costs, you may want to choose a high-deductible policy and consider it catastrophic-only coverage. Keep in mind that all insurance policies now cover annual exams, such as well woman visits and pediatric check ups.

People with pre-existing conditions are sometimes skeptical about choosing an independent healthcare plan. While it’s true that much of the Affordable Care Act, which stipulates that no one can be denied health coverage regardless of health status, are not yet all in place, there are provisions that protect children. If one of your minor dependents has a chronic illness and has been denied healthcare coverage in the past, he or she can now be covered. It’s true, though, that [Read more…] about Health Insurance Options for Unemployed Workers

How Redundancy Insurance Can Help You Cope With the Risk of Unemployment

January 21, 2013 by Guest Contributor

Editor’s Note:

In the U.K. unemployment insurance is called redundancy insurance and it is available from private insurers. In the U.S. although there is State Unemployment Insurance it is difficult if not impossible to find supplemental (private) unemployment insurance although John Hartline, an insurance industry veteran, tried to get insurance companies to provide it, as reported in this article from the N.Y. Times. ~Tim McMahon, editor

Redundancy Insurance :

As the news tells us on an almost daily basis, the employment market is more fragile now than it has been for a long time. The current economic crisis sees no signs of abating and more companies are going into administration than we have ever known before which has resulted in over 2.51 million currently being unemployed in the UK (source:office for national statistics).

During such troubled times, one of the primary concerns that all of us have is how we would support ourselves and our dependents should the next company in crisis be ours.

This risk applies to small businesses and large corporations alike and the fear of loosing financial security for ourselves and our families is going nowhere.

The Introduction of Redundancy Insurance

Thankfully, there is a solution to this worry that ensures you can meet your bills and maintain your current standard of living should you be made unemployed through no fault of your own.

Redundancy cover has been created in direct response to the uncertainty in the employment market specifically to protect the income levels of individuals who are [Read more…] about How Redundancy Insurance Can Help You Cope With the Risk of Unemployment

Does Usage Based Car Insurance Offer a Route to Lower Rates?

December 5, 2012 by Guest Contributor

Usage-Based Car Insurance

For most American drivers, car insurance is not only legally mandated but is a real necessity. However, it’s now becoming possible to sign up for as pay-as-you-drive, or usage-based car insurance. If you don’t drive very much, it can give you lower rates. However, there are certain things to know before you decide that this is the best option for you.

Wireless Transmission Devices will Monitor Car Usage

As with traditional insurance programs, your driving habits will still play a large role in your rates. Unfortunately, if you had a habit of occasionally driving recklessly in the past, usage-based insurance programs won’t let you use the honor system to prove that you’ve changed your ways for good.

Usually, the amount of miles that you drive in a particular period is automatically calculated and transmitted to your insurance company through a device that resides in your car. However, Allstate and Progressive are just two companies that also monitor driving behavior such as the number of times that a policyholder drives at speeds over 80 miles per hour or the way that they use their brakes. A member of Progressive’s usage-based insurance program notes that unusual braking patterns can point the finger at aggressive drivers.

Understandably, some drivers are concerned that [Read more…] about Does Usage Based Car Insurance Offer a Route to Lower Rates?