TUESDAY, AUGUST 17, 2021
There is often a lot of confusion when it comes to compensation offered by a workers compensation policy. Workers compensation is designed to help employees with expenses when they are injured on the job. There are many types of benefits available under workers compensation and each works a bit differently.
Medical Expenses
Perhaps the most well-known coverage available under workers compensation is the coverage for medical expenses. If an employee is injured on the job, workers compensation will help pay for medical bills related to the injury. Workers compensation will only pay medical bills that are directly related to the work injury, including emergency assistance, certain procedures, medications and more.
Compensation for these expenses is paid as the expense comes up.
Wage Replacement
In some cases, an employee is unable to work for a certain amount of time after an injury. In this case, the employee may receive compensation for their lost wages while they are unable to work. This compensation is calculated by a percentage of the employee’s normal wage and is paid on the same date as the employee would normally be paid. For example, if an employee is normally paid weekly, they will receive workers compensation wage replacement on the same day each week.
Disability Benefits
Workers compensation also covers expenses related to disability. There are four types of disability under workers compensation: partial temporary disability, total temporary disability, partial permanent disability and total permanent disability.
Disability benefits may help pay for certain hospital and procedure bills as well as physical therapy. In extreme cases of permanent disability, workers compensation may provide compensation for years after the incident.
You can also receive vocational benefits for training in a new industry if an injury or disability restricts you from continuing to work in your previous industry. This compensation is paid as the expenses arise similar to other medical expense compensation.
Death Benefits
Unfortunately, some employees may pass away on the job or due to injury they obtained while working. In this case, workers compensation will pay a death benefit to the employee’s surviving family in a single lump sum. This amount will be determined by the insurance provider and the employer’s policy.
Workers compensation insurance is critical for all businesses across industries. Employees should make sure to speak with their employer about what is covered under their workers compensation insurance policy.
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