How Do I Pay My Bills While Only Receiving Two-Thirds of My Income on a Chicago Workers’ Comp Claim?

If you are one of the many Americans who live paycheck to paycheck, you might be concerned about the fact that workers’ comp in Chicago only covers two-thirds of your lost income. While receiving 33 percent less than normal, you might have to make some serious sacrifices. Perhaps your bills will be impossible to pay while receiving this reduced income. What should you do?

You Don’t Pay Any Taxes on Workers’ Comp

While two-thirds might seem like nowhere near enough to pay your bills, you should remember that these payments are tax-free. Since you don’t pay any taxes on this income, you are technically taking home more than just two-thirds. In fact, those who earn higher sums may find that their pre-injury take-home pay after taxes is roughly the same amount as their workers’ comp income replacement benefits.

Consider Getting Back to Work Sooner Rather Than Later

You may be able to return to work sooner than you realize, and returning to work does not necessarily jeopardize your benefits. Although you might assume that your current job is impossible, you may be able to carry out light or modified duties at your workplace.

Another option might be to consider vocational rehabilitation, which involves free training for a different career path. Vocational rehabilitation is often beneficial for those who have suffered permanent disabilities at work, and it can increase their income while they receive benefits. That being said, there is no sense in rushing back to work before you are ready. Rest and recovery are important, and you may only make things worse by returning too early.

Your Lawyer Could Help You Obtain a Lump-Sum Settlement

In certain situations, a lump-sum payment may be possible through workers’ compensation. As the name implies, this involves receiving your benefits all at once instead of gradually. This immediate cash flow injection can help you cover your bills more easily, and it might give you the breathing room you need. However, a lump-sum payment isn’t always possible, and it might not even be the right decision based on your circumstances.

Consider speaking with an experienced workers’ compensation lawyer to determine whether this might be possible. In general, a workers’ compensation lawyer can help you maximize your compensation, even if a lump-sum payment isn’t possible or appropriate.

Consider Other Sources of Income

Other sources of income may be necessary if you’re seriously struggling to pay your bills. Before you max out your credit card, consider asking family members for loans instead. Another option may be a GoFundMe page. Finally, a personal injury lawsuit could be possible, and this option can provide much more compensation than a workers’ comp claim. Perhaps most notably, a personal injury lawsuit can cover 100 percent of your lost income.

Can a Workers’ Compensation Lawyer in Chicago Help? 

A workers’ compensation lawyer in Chicago may be able to help you navigate economic pressure after a workplace accident. First, your lawyer can help you maximize your compensation. Your lawyer may also help you access a lump-sum payment. Contact Connolly Injury Law today for further guidance.

Source:

 ssa.gov/policy/docs/ssb/v65n4/v65n4p24.html