Getting hurt on the job can start a difficult period for employees who need to recover. A source of stress during this time can be personal finances. Money can be tight because of reduced income and medical expenses. There are several things you can do to plan for or get through a situation that leaves you out of work while recovering from a work related injury.
Maintain an Emergency Fund
The first step should be to start contributing to an emergency fund. An emergency fund is separate from normal savings for the household. The fund is an amount of money that can be used to pay for unexpected expenses until recovery is complete. It is best to contribute something to the fund every time income comes into the household. The amount of the fund should be at least between two and three times the monthly household income. This can be hard in a time when many families live month to month, but there are ways you can adjust your budget and find a little extra money to save.
Apply For Workers Compensation
Anyone who is injured on the job could be eligible for workers compensation. It is important to save documentation and file for compensation benefits as soon after the accident as possible. Workers compensation can pay for lost income and the medical expenses related to recovery. According to attorney Edwin L. Gagnon, workers compensation claims can be complicated and rules vary by state so it’s important to seek help from an experience lawyer. It is one of the most effective ways to remain financially stable until it is possible to return to work. Applying early is critical because it can take some time for a claim to be reviewed and approved.
Get Professional Legal Advice
Injuries on the job can become complex legal issues. A way to protect personal finances is to seek professional legal advice whenever a problem or question arises. An experienced attorney can help to fight for workers compensation and negotiate with insurance companies. They can also determine whether there is a larger legal issue due to the negligence, recklessness or other actions of the employer. Consulting with an attorney can ensure fair compensation is received for the injury.
Create and Follow a Long-Term Budget
One of the first things that should be done after an injury is to create a long-term budget for the household. The budget should assume that only the bare minimum of income is earned each week or month. The budget should include money for savings and an emergency fund. Unnecessary expenses should be reduced until after recovery. A long-term budget that takes the reality of the situation into account will help to save money while remaining financially stable.
There are deadlines for certain actions after being injured on the job. This is why it is important to act fast especially when seeking legal advice or filing for workers compensation. Taking action as soon as possible will help injured employees to stay ahead financially.
