Monday, June 9, 2014

Review of work accident compensation::How do I Get Paid for Workers Comp Injury?







Review of work accident compensation::How do I Get Paid for Workers Comp Injury?








Many               people               do               not               know               the               difference               between               Workers'               Compensation               and               disability               insurance.

Workers'               Compensation               is               paid               for               by               your               employer.

The               US               Department               of               Labor               requires               that               all               employers               carry               some               form               of               Workers'               Compensation               insurance.

Most               Workers'               Compensation               plans               are               bought               through               private               insurance               companies.

Private               insurance               companies               sell               Workers'               Compensation               plans               to               employers.

Usually               the               premiums               are               high               and               employers               see               this               as               a               cost               of               doing               business.

For               those               employers               that               do               not               buy               workers'               compensation               plans,               there               are               secondary               funds               in               states               designed               to               protect               the               injured               worker.

For               those               employers               that               choose               not               to               follow               the               law,               heavy               fines               are               imposed.
               When               an               employee               is               injured               on               the               job,               there               is               usually               a               time               frame               for               filing               a               Workers'               Compensation               claim.

An               injury               should               be               reported               to               the               insurance               company               as               soon               as               possible.

The               governing               state               Workers'               Compensation               board               typically               must               have               official               filing               or               notice               of               employee               injury.
               Workers'               Compensation               acts               like               an               insurance               policy               in               that               it               pays               an               employee               for               medical               expenses               and               time               lost               from               work               as               a               result               of               his/her               injury.

Of               course,               in               most               circumstances,               the               policies               are               only               required               to               pay               2/3               of               an               employee's               gross               earnings.

If               an               employee               is               injured               and               they               do               not               miss               time               from               work               and               their               medical               expenses               are               under               $1,000,               then               in               most               cases               the               employer               can               opt               to               pay               the               bills               themselves,               thus               limiting               the               possibility               their               premiums               will               rise.
               Disability               insurance               is               a               policy               that               an               employee               carries.

This               can               be               short               term               disability               or               long               term               disability               or               both.

The               employee               will               usually               pay               premiums               out               of               their               paychecks               for               said               policy.

This               policy               would               then               pay               a               certain               percentage               of               their               gross               wages               and               other               monetary               compensation               for               injuries               or               illness,               whether               on               the               job               or               off               the               job.
               Any               injury               that               results               from               a               work               related               accident               or               incident,               should               be               reported               immediately               to               your               employer.

Workers'               Compensation               law               was               designed               to               act               as               a               "no               fault"               claim               where               the               interests               of               the               employer               and               the               employee               are               both               protected.

Once               a               claim               is               filed               by               an               employee,               that               employee               gives               up               their               right               to               legal               litigation               against               their               employer               for               negligence.

In               turn,               the               employer               is               required               to               pay               their               insurance               company               to               manage               the               employee's               medical               case               to               resolution               and               return               to               work.
               In               most               cases,               both               an               employer               and               a               Workers'               Compensation               carrier               will               work               very               closely               together               to               minimize               costs.

Often               times,               case               managers               (or               people               who               manage               an               employee's               injury)               will               be               assigned.

These               are               professional               nurses               and/or               highly               trained               specialists               in               the               medical               arena.

They               will               coordinate               medical               care               and               return               to               work               plans.

They               will               ensure               that               medical               care               and               treatment               is               continuous               and               that               ordered               treatment               is               quickly               approved               to               expedite               not               only               employee               recovery               but               eventual               return               to               work.
               So,               in               closing,               the               major               difference               between               Workers'               Compensation               and               Disability               Insurance               is               that               one               is               funded               by               your               employer               through               enacted               laws               and               the               other               is               purchased               by               you.

Workers'               Compensation               plans               typically               pay               the               costs               of               both               your               medical               care               and               treatment               as               well               as               your               lost               wages.

Disability               insurance               plans               can               vary               but               most               cover               a               certain               percentage               of               your               income               and/or               provide               compensation               for               injuries               sustained.
               In               either               case,               the               insurance               plan               premiums               are               paid               in               the               event               of               an               illness               or               injury.

However,               not               all               people               will               use               these               plans,               like               most               insurance               plans,               and               thus               some               profit               will               be               made               by               the               insurance               company.

As               with               any               insurance,               you               are               purchasing               "coverage"               that               you               may               or               may               not               need.

If               you               don't               need               it,               you               do               not               get               your               money               back.

However,               if               you               do               need               it,               you'll               be               glad               you               are               covered.






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