Recovering from a workplace injury can be challenging, both physically and financially. Imagine focusing on healing while bills pile up or wondering if you’ve done everything right to ensure you’re getting the compensation you deserve. Unfortunately, many injured workers make financial mistakes during this challenging time that can lead to more significant problems down the road. 

But here’s the good news—avoiding these pitfalls is possible if you know what to look out for. By understanding common pitfalls and learning how to prevent them, you can protect yourself and ensure a smoother recovery process. Now you might be thinking, how? 

This article outlines people’s top financial mistakes after a workplace injury and provides practical advice to help you avoid them. Ready to take control of your recovery? 

Let’s dive in!

Underestimating the Value of Medical Care

After an injury, some workers try to downplay their symptoms to avoid medical costs. However, ignoring proper medical care can backfire. What might seem like a minor injury at first could develop into something more severe if left untreated. Getting the appropriate care protects your health and ensures your injury is properly documented for your workers’ compensation claim.

Visiting a doctor approved by your employer or insurance provider is also essential. This step ensures that your treatment is covered under workers’ compensation. Skipping this process or choosing your doctor without permission could lead to complications in your claim, making it harder to receive total compensation for medical bills.

Ignoring the Importance of Legal Advice

Many workers think they can navigate the workers’ compensation system independently. Unfortunately, this often results in reduced or denied benefits. Workers’ compensation laws can be complex, and insurance companies may not always have your best interests. You could miss significant compensation for medical expenses, lost wages, and long-term care without proper legal advice.

Seeking help from an experienced workers’ compensation attorney can be a game-changer. Firms like Pond Lehocky have lawyers who specialize in this area and know how to secure the full benefits that injured workers are entitled to. So, look for such skilled lawyers. Their assistance guides you through the claim process and protects you from accepting less than you deserve.

Settling Too Quickly

Insurance companies often try to settle claims quickly, but their initial offers are typically much lower than what injured workers are entitled to. Accepting a settlement too soon can result in insufficient funds for future medical care or long-term recovery needs. This can leave you struggling financially as your injury continues to impact your life.

Before accepting any settlement, consult a workers’ compensation attorney who can help assess whether the offer is fair. They can guide you in negotiating a better settlement, considering the full extent of your injuries, ongoing treatments, and potential long-term effects.

Mismanaging Temporary Disability Payments

Temporary disability benefits are meant to replace some of your wages while you recover. However, these payments are often lower than your paycheck, leading to financial strain if not appropriately managed. Mismanaging these funds can result in debt or financial hardship during recovery.

The key is to budget carefully. Focus on paying essential bills like rent, utilities, and groceries. Consider cutting back on non-essential spending during this period. Having a plan for how you’ll use your temporary disability payments can help you avoid running into financial trouble while you’re still healing.

Failing to Budget for Long-Term Recovery

Many workers underestimate how long it will take to recover from their injury. Disability payments or savings may only last for a short time, leaving workers financially vulnerable if their recovery takes longer. Failing to plan for long-term expenses can lead to financial hardship, especially if ongoing care or Therapy is needed.

To avoid this, create a realistic budget for potential long-term medical costs. This may include physical therapy, medication, or job retraining if you cannot return to your previous position. Consulting with legal professionals can help you anticipate these costs and plan accordingly.

Relying on Health Insurance for Workplace Injuries

One of the biggest mistakes injured workers make is using their health insurance to cover injury-related costs instead of filing a workers’ compensation claim. Health insurance may not fully cover all injury-related expenses, leading to high out-of-pocket costs. Additionally, health insurance deductibles and co-pays can add up quickly.

Decoversries, including medical care, rehabilitation, and lost wages sustain workers’ compensation. By not filing a claim, you risk paying more than you should and missing out on benefits meant to protect you. Filing a workers’ compensation claim is the best way to ensure you receive the financial support you need.

Conclusion

Recovering from a workplace injury can be challenging, but avoiding the common financial mistakes discussed above will protect your finances and ensure a smoother recovery process. Now that you know what to look for, you can make informed decisions safeguarding your financial well-being. So, take control of your recovery, avoid the pitfalls, and ensure you get the compensation and support you deserve.

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Originally Published on https://www.breakfastleadership.com/

Michael Levitt Chief Burnout Officer

Michael D. Levitt is the founder & Chief Burnout Officer of The Breakfast Leadership Network, a San Diego and Toronto-based burnout consulting firm. He is a Keynote speaker on The Great Resignation, Quiet Quitting and Burnout. He is the host of the Breakfast Leadership show, a Certified NLP and CBT Therapist, a Fortune 500 consultant, and author of his latest book BURNOUT PROOF.