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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. With that said though, workers’ compensation still will not bring in all of the money you need to cover all of your expenses. It usually only covers the cost of your injury and most if not all of your medical bills in relation to that injury. It won’t necessarily supplement any other additional expenses you already had before your injury. Depending on your level of injury, you may have to look into other programs to help your family out financially and your spouse may have to go back to work if they haven’t already to help take care of those monthly expenses.
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. As you can see, you need to find a realistic way to pay for your injury accident. Seeking legal advice from a law firm like Oxner + Permar, LLC 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.
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.
