What expenses does workers’ compensation cover?

What expenses does workers’ compensation cover?

If you are injured or become ill as the direct result of your employment, you may want to file a workers’ compensation claim in an attempt to receive compensation. There is no guarantee that your claim will be approved, but it is important to file as soon as possible.

Upon doing so, learn more about the types of expenses workers’ compensation can cover. This will give you a better idea of what types of payments you may receive and how the money can be used.

Workers’ compensation typically covers the following:

— Replacement income

— Medical care related to the illness or injury

— Retraining expenses

— Compensation for a permanent injury

— Benefits to survivors if a person was killed while working

Most people focus on wage replacement, as they want to know how much monthly compensation they will receive via workers’ compensation. This will not be 100 percent of previous earnings. Instead, it typically works out to two-thirds of the person’s previous wages. While this may be frustrating, remember that workers’ compensation benefits are not taxed.

Nobody wants to file a workers’ compensation claim, as this means he or she has been injured or become ill as the result of his or her employment. Even though this may not be something you want to do, it is nice to know the option is available. For many, workers’ compensation benefits are the only thing that keeps them financially steady following an injury or illness. Knowing what expenses are covered allows the person filing the claim to better understand what to expect and how to adjust his or her finances in the future.

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