Financial Solutions When You Can’t Work and Are Waiting on Your Personal Injury Settlement
When you’re dealing with the stress of a personal injury case, the last thing you should have to worry about is finances. It’s no secret that personal injury cases can result in hundreds — if not thousands — of dollars in unprecedented medical expenses and debt. On top of the financial burden of medical care, personal injury cases often lead to time off work and a temporarily reduced income. With these factors at play, personal injury victims tend to experience a snowball effect of financial hardship that can be hard to recover from.
Despite these financial difficulties, the good news is that there are a number of resources available for personal injury victims who are unable to work. Solutions include workers’ compensation benefits, disability and insurance reimbursements. Check out the following information to learn more about personal injury financial solutions when you are unfit to work.
When to Apply for Workers’ Compensation Benefits
One of the most common solutions to ease the financial burden of a personal injury case is workers’ compensation, or “workers’ comp.” Workers’ compensation benefits apply to anyone who has been injured on the job, whether it’s because of a fluke accident with heavy machinery or the result of repetitive action. For example, it’s not unheard of for employees who type a lot to develop carpal tunnel. Depending on the severity of the injury, employers can deliver either a lump sum or recurring payments to the employee. In 2021 alone, workplace injuries related to falls cost a total of $10.58 billion in the United States.
To receive workers’ compensation for a personal injury that occurred on the job, follow these ten steps
- Alert your employer about your injury.
- Go to the doctor and receive necessary medical care.
- File a workers’ compensation claim.
- Receive either an approved or denied claim.
- Hire an attorney if your insurance company refuses to offer a settlement.
- Calculate the financial payout for incurred costs.
- Negotiate with your insurance carrier regarding payout.
- If an agreement is not reached, go to court to advocate for your settlement.
- Await the judge’s decision.
- Determine whether to accept financial payout as a lump sum or structured settlement.
Follow these steps to apply for and receive workers’ compensation benefits, should a workplace injury occur.
Should You Use Vacation, Sick Time or PTO for Your Personal Injury Claim?
In a perfect world, injured employees wouldn’t have to use their vacation, paid time off (PTO) or sick days to recover and attend doctor’s appointments. However, far too often, personal injury victims are forced to use these designated days off to try and get back on their feet. This is because applying for workers’ compensation or a personal injury settlement through your insurance company can be a lengthy process. Moreover, even the most legitimate personal injury claims can be denied for erroneous reasons. These scenarios can result in delayed compensation and reimbursements.
With this in mind, know that while you shouldn’t have to use PTO, vacation or sick days to recover from a personal injury, you might find yourself without any other options. If you must use PTO, vacation or sick days to recover after a personal injury, keep a precise record of the days that you use. With the right personal injury attorney by your side, you can fight for compensation for these days.
Applying For Disability
There are numerous reasons why an employee might apply for Disability, and personal injury is at the top of the list. In 2020 alone, over 1 million disabled workers applied for Disability in the United States. Individuals who can apply for Disability generally have a mental or physical condition that prevents them from working. Following a personal injury, you can apply for disability if you expect your recovery to last over a year or if your injury is so severe that it impedes you from working.
If the victim was injured at work, they might choose to apply for Temporary Disability (TD), which covers ⅔ of an employee’s weekly wages. This option is included in many workers’ compensation benefits. However, if TD is not an option, the personal injury victim may decide to apply for State Disability benefits. This process includes reviewing the Adult Disability Checklist, completing the Disability Benefit Application and submitting a Medical Release Form.
Reimbursement of Insurers Upon Settlement
If you have a personal injury case, it’s important to be aware of subrogation, or the obligation to repay your insurance company for medical costs incurred by a third party. While your health insurance provider agrees to cover medical costs for injuries in exchange for a monthly premium, the contract typically includes a stipulation stating that they are not responsible for costs incurred by a third party.
This means that if someone else is at fault for your personal injury, your health insurer will require repayment for those costs. Thus, the insurer of the party at fault will be responsible for reimbursing the victim’s insurance company. An experienced personal injury attorney can work with the insurance companies in question to reduce subrogation costs.
Team Up With Personal Injury Lawyers You Can Trust
Managing your personal injury case, recovery, bills and insurance companies all at once can be overwhelming, to say the least. You deserve to have a team of knowledgeable personal injury attorneys behind you, helping you get the best settlement possible. Based in Alpharetta, Georgia, McManes Law personal injury attorneys are eager to fight for you and your personal injury case. We offer a free case evaluation and work on a contingency fee basis, which means that you only pay us if we get a recovery. Overcome the fear, uncertainty and confusion that comes with personal injury cases — connect with our friendly team by calling (770) 645-8801 or by filling out this quick contact form today.