Sometimes things go horribly wrong and you get seriously hurt while working. When this happens, you and the company will have to sit down and negotiate a deal regarding the issue of workers comp, which is a designed to take the place of your salary, allowing you to continue paying your bills.
It’s easy to get excited when your workers comp check shows up. The temptation to plan a vacation or replace all your old furniture can be strong. You need to quell the urge. The check might seem big, but you can’t afford to lose sight of what it’s meant to cover. You can’t work right now, which means you need to carefully manage your finances and make sure the check can be stretched to pay all of your bills.
Even before the workers comp check arrives, you need to sit down and determine your monthly expense. You also need to think about the length of time you’re going to be unable to work. Add at least a month to length of time it will take you to get back to work and a regular pay check.
Even though the workers comp check should be large enough to cover your bills, you should still do whatever you can to reduce your expenses, that way if you have an emergency, such as a car needing repair or unexpected medical bill. Doing things like cutting your cable for a few months and eating in instead of going out each night will ensure you don’t find yourself in a financial bind.
Before you reached a settlement, you’re workers comp attorney should have made sure the medical bills you accumulated after getting hurt were covered. Some people assume this means they’ll never have to worry about medical bills again. While each case is different, the odds are pretty good that the only bills covered in the workers comp agreement are the bills directly connected to your injury. You will still need to pay for health insurance to cover bills if you get hurt or sick. You’re attorney will be able to explain the terms of the workers comp agreement. A financial advisor will help you determine the best way to cover your expenses.
If you were injured badly enough, it’s possible you’ve been told you can’t go back to work, and that you’ll receive workers comp for the rest of your life. When this happens, you need to be really careful. Not only do you have to make sure your compensation covers all your bills, but you and your attorney will need to discuss whether or not you’ll be able to take on part time and freelancing work in the future to supplement your income.