Getting injured on the job can sometimes lead to permanent disability, and you'll want to make sure that your family and finances are covered as you navigate the world of worker's compensation claims. A worker's compensation attorney can help you to understand what you are entitled to and help you fight for those benefits. Here is a breakdown of some types of compensation you may be entitled to if you are permanently disabled on the job.
Social Security Disability Insurance
Social security disability insurance (SSDI) is a safety net that helps people who are no longer able to work due to a disability. These monthly payments range in amounts, and are decided partially by what you've paid into the system over the years. Your worker's compensation attorney can help you to determine what your estimated SSDI payments might be per month. This amount may be reduced depending on the amount of worker's compensation your employer will pay to you, so be sure to discuss how to maximize your benefits with your attorney.
Worker's Compensation Payments
There are several different types of worker's compensation payments, and they are determined based on the specific circumstances of your injury. Some payments are made to cover the cost of medical treatment, while others are paid out to cover lost wages due to permanent disability. Your permanent disability payouts may be determined by calculating a number of weeks you would have worked, and then calculating a percentage of the amount you would have earned. This amount in some states will be two-thirds of your normal pay, not to exceed a certain maximum payout. As you begin filing claims and collecting paperwork, your attorney can advise you as to what your payment will be and how it impacts your SSDI payments.
Pension And Retirement Funds
If you are injured and are close to retirement age, you may decide to take an early retirement. This provides you with access to your pension, retirement funds, and any other retirement accounts you may have. Remember that you'll want to consult with your attorney first to determine if taking an early retirement impacts the amount you'll receive from your worker's compensation payments. Your employer may decide to reduce the number of weeks you are compensated for as you would no longer be in the workforce by choosing retirement. It may be a good idea to reach a settlement with your employer before taking retirement, but your lawyer can provide you with advice regarding this option.
Ask your worker's compensation attorney about any concerns you have with meeting your basic expenses after becoming injured. Together, you can work to find the resources you need to get required medical care and still pay your regular monthly expenses.