If you have been injured or have developed an illness while under employment, you may be eligible for workers’ compensation. It is a type of insurance that will cover your treatment costs, offset the lost wages because you are missing time at work, and other possible financial damages associated with the injury or illness.
According to the website of Scudder & Hedrick, PLLC, filing for workers’ compensation can be a very complex and time consuming process. But when you think about it, everything is worth it because of the advantages of workers’ compensation.
One of the main advantages of getting settlement is the fact that you are going to receive money. This money can be given in a lump sum or you can receive monthly or even weekly payments. You can immediately have the money to cover your medical bills and get by while you are physically limited.
It also gives you a sense of safety and security, knowing that you will not have financial problems, or at least the financial problems will not be as heavy. This can help in your recovery process, especially if you feel pressured of getting back to work as soon as possible.
Having workers’ compensation also improves your relationship with your employer, and there will be no bad feelings about each other once the worst things happen.
But workers’ compensation is not always advantageous. If you receive compensation, you need to waive your right to sue your employer. This can be problematic, especially if the injury or illness has been sustained because of employer negligence.
The advantage of getting money can also be a disadvantage in a way. Money that you did not work hard for is very easy to spend, and you might use it on things that are not related to your injury or illness. It is even worse if you get a lump sum instead, as it is harder to budget and you will have the tendency to put the money somewhere, like in the stock market.
The key to maximize workers’ compensation is the proper use of the settlement. Not doing so may put you on a deep financial burden that can affect not just your life, but also the life of your family.