Waiting for a workers’ compensation claim to be approved can be a stressful experience. During this time, it is important to take steps to remain financially secure during your workers’ comp claim approval period.
This article will provide five tips on how you can remain financially stable during the waiting period for workers’ comp, such as applying for government benefits or utilizing other resources available to you. With these practical tips in hand, you’ll have peace of mind knowing that financially speaking, you are taken care of during this uncertain time.
5 Tips to Remain Financially Secure During Your Workers’ Comp Claim
Tip 1 – Explore Government Benefits
With the help of a workers’ compensation attorney, you may be able to apply for government benefits to financially support you while your claim is pending. Depending on where you live, and the nature of your injury or illness, you may be eligible for disability payments, unemployment benefits, Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI) or other types of compensation.
State temporary disability benefits are available to injured workers who are unable to work due to their injuries. These benefits can help you financially during the waiting period for your workers’ compensation claim. Make sure to investigate what types of temporary disability benefits are available in your particular state and apply for them if necessary.
You may also be able to apply for Social Security disability benefits if you meet the criteria. This program helps financially protect workers who are unable to work due to a disability or medical condition. Depending on your income level and other factors, you may qualify for additional financial assistance programs at the state or federal level.
Tip 2 – Your Private Disability Policy
Another possible resource for financially protecting yourself during the waiting period of your workers’ comp claim is a private disability policy. Private disability policies are designed to provide financial protection in the event that you become injured or ill and cannot work. These policies typically provide monthly income benefits and can help cover some of your expenses while you wait for your workers’ compensation claim to be approved.
You may have a private disability policy like Aflac or Unum through your employer or independently. Be sure to check the details of any private disability policy you have or are considering purchasing so that you understand exactly what is and isn’t covered.
Tip 3 – Cut Non-Essential Expenses
One of the best ways to remain financially secure during your workers’ comp claim is to cut non-essential expenses. This includes anything that isn’t necessary for day-to-day living and can include things like going out for expensive meals, shopping sprees, or taking vacations.
When cutting your non-essential expenses, it’s important to take a holistic approach and look at all of your spending. Make a list of all the things you spend money on that aren’t necessities – such as coffee runs or clothing purchases – and consider how much they cost you per month. With this information in hand, you’ll be able to identify areas where you can cut back without significantly impacting your lifestyle.
You should also look for ways that you can save on essential costs such as groceries or utility bills. Try using coupons whenever possible and shop around for better rates on services like cable or internet. You may also want to consider switching from name brand products to their generic equivalents when it comes to food items – this can often lead to significant savings over time.
Additionally, if you have any outstanding debts such as credit cards or student loans, contact the lender and see if they are willing to work with you on a payment plan or lower interest rate while your claim is being processed.
Finally, if you rent, check with your landlord about possibly reducing rent during this time if possible. This could be a huge help financially while waiting for your workers’ comp claim to be approved.
Tip 4 – Utilize Savings
Utilizing savings is one of the easiest things you can do to financially maintain during a waiting period for workers’ comp claim approval. Savings can provide a sense of financial security and help cover any unexpected expenses that may arise while your claim is being processed.
When looking at your savings, it’s important to ensure that you have enough to cover basic living expenses, such as rent, mortgage payments, and utility bills. This will help make sure that you have enough money to pay for essential items during this waiting period without having to rely on credit or other debt products.
You may also want to consider setting up an emergency fund if you don’t already have one. An emergency fund should contain at least three months’ worth of living expenses, such as groceries and utility bills, so it can be used in case of unexpected financial setbacks like job loss or medical bills. Having an emergency fund will provide peace of mind knowing that you have something to fall back on if needed.
Taking these steps will ensure that you stay financially secure during any waiting period for workers’ comp claim litigation.
Tip 5 – Ask for Help
Another option is to reach out to family and friends who are financially secure and ask if they can lend a helping hand while awaiting your workers’ compensation settlement amount. They may be able to offer assistance with bills, rent or other necessary expenses. Additionally, there are various organizations that provide financial support and guidance during this time, so don’t be afraid to reach out for help if you need it.
The waiting period for workers’ comp claim settlement can be a financially difficult one. Following the tips outlined above can ensure that you remain financially secure while your claim is being processed. With the right resources and financial guidance, you will be able to remain financially secure during your workers’ comp claim.
Kotlar, Hernandez & Cohen: New Jersey Workers’ Compensation Lawyers
Kotlar, Hernandez & Cohen – The People First Lawyers have been helping injured workers with their New Jersey workers’ comp claims since 1995. Our law firm works tirelessly for our clients to ensure you receive medical treatment, financial compensation, and justice, regardless of an adjuster or insurance carrier’s claim denials. With four Board-Certified Workers’ Compensation Law attorneys on our team, we are well-equipped to handle your workplace injury claim.
If you’ve been the victim of a work-related injury or occupational disease, or if your waiting period for workers’ comp has you worried about your financial situation, contact our office to schedule a free consultation or call us 24/7 at (856) 751-7676.
Justin Cohen, Partner
Justin is a partner at Kotlar, Hernandez & Cohen and a Board-Certified Workers’ Compensation Attorney. He is believed to be the youngest attorney in New Jersey to receive his Workers’ Compensation Board Certification. His aggressive style and diligent efforts have helped him to recover significant benefits for his clients.