Tuesday, May 16, 2017

Out on Workers' Comp? How to Take Care of Your Personal Finances

Thousands of wage earners go out on workers' compensation every year. The experience can be brutal because the workers generally lose the ability to earn money immediately. 

The following is some information about what happens to the personal finances and what a person can do take care of them during a workers' compensation period.

The Decline of Family Funds

Workers' comp cases usually put the family in shock right away because they are so unexpected and sudden. A family that does not have a good amount of savings can suffer immensely if these funds are not available. 

The bills like the utilities, mortgage and rent will continue to build up, but the injured person won't be able to pay them until the Worker's comp money comes in. 

Therefore, it may come down to eliminating some of the daily pleasures that your family enjoys such as cable, Netflix, and maybe even the internet to help you save money. 

You may have to budget out every grocery trip and even ration your daily meals. This may even require your spouse to go back to work. No matter how you look at it, until your workers’ comp comes through, you will be facing major financial changes and decisions.

The Worker's Comp Process

A Worker's comp case can go smoothly if the insurer approves the case. If the claim is

deemed invalid for some reason or another, the family finances could crumble by the time the situation resolves. 

Families will suffer horribly if they do not have a large portion of the money saved. To help you navigate this process and make sure that your finances are taken care of, you should contact a lawyer like those at Oxner + Permar, LLC. for assistance. 

Without a good lawyer on your side, you may not get all of the money you need to cover your expenses from workers’ comp. And while hiring a lawyer may ultimately cost you money, this will help you in the long run in making sure that you get the money you deserve from workers’ comp to take care of your family. 

Then you won’t have to give up those extra pleasures that your family enjoys on a daily basis.

What the Family Can Do

Making smart decisions before on-the-job injuries occur is the best way to avoid total devastation when something like this happens. Starting an interest bearing savings account is a good idea as well as making small investments. 

Both ventures can help a family to get through a crisis and it will help alleviate any financial strain that your family may incur during this trying period.

There are several things that the other family members can do once the leave begins. One thing they can do is start selling the items from the home that no one needs. 

Items like household goods and electronics may sell at online auction sites. Examples of things that can bring money in are items such as cell phones, computers, navigational systems, clothing and the like. 

Another thing that you can do is work some odd jobs. Short-term loans and pawnshop advances are tangible, as well. The best way to bring money in is not to borrow it, but it may be necessary.

The struggling family unit will make it if they follow some of the previously mentioned tips. The other tip is to file the workers' compensation cases as quickly as possible so that it can proceed quickly. 

The injured person must also do everything that the employer requires him or her to do.

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