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

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 begin with emergency room treatment, tests and even surgery. Hospitalization, medications, therapy and more may also add to your medical expenses. Some workplace injuries have costs that tally into the thousands or tens of thousands of dollars. This can be a true financial burden on your family’s budget.

Your Income Level Will Decline Dramatically

While workers’ compensation is designed to provide you with a steady flow of income while you are recovering from your injury, the unfortunate reality is that it typically will not fully replace your income. This means that while your medical expenses will increase, your income level likely will decrease. Many people have money available in savings that can cover this budget deficit for a short period of time.

Your Debt Level May Increase Over Time

Eventually, however, even your savings account will dry up, and you will need to find another way to make ends meet. Debt levels can increase dramatically during this time. High debt balances can further strain your budget.

What You Can Do

As you can see, you need to find a realistic way to pay for your injury accident. Seeking legal advice from a law firm is a great starting point. A legal consultation can provide you with more information about the possibility of filing a personal injury lawsuit to seek financial compensation for your medical expenses and lost wages.  Lawyers Oxner + Permar, LLC say, “If you’ve been injured at work, don’t wait to contact an experienced attorney. Having someone at your side to help navigate you through the entire process makes all the difference.” They also recommend:

  • Listening to Your Lawyer (after all they are the experts)
  • Be Calm and Keep Your Cool (the opposing attorney is going to try to get you riled up to make you look unreasonable on the witness stand.)
  • Accept that You Can’t Control Everything (you never know what a witness will say)

Workplace injuries can be financially devastating to your family. Your hard work at building a great credit score, saving a sizable nest egg and more can quickly be erased. If you have been injured in an accident, it is important to explore all avenues to seek funds that you may be entitled to.

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