|
What Joe Can Do Now to Improve His Future
Employee Benefits
Joe's first course of action should have been to meet with the railroad company's benefits representative to discuss benefits that might be available to him. When an accident happens during the course of employment, the resulting injuries are usually covered under the employer's workers' compensation plan. An employer is required to provide this type of insurance to provide payments to employees hurt exclusively on the job for their medical bills and lost wages.
The amount of the insurance proceeds received by the employer are determined in part by the extent of the injuries and the expected duration of the employee's inability to work. As you may have guessed, the exact amount of loss can rarely be determined and is usually reached through negotiations by the insurance carrier and the employee. Consequently, you should first seek an attorney with experience in workers' compensation claims to represent you. Benefits received under the workers' compensation program could go a long way toward helping you pay your medical expenses and in providing you with the desperately needed income.
Joe should also discuss any other benefits that might be available to him. For instance, he may be entitled to continue his health insurance coverage or purchase from the company any life insurance insuring his life for which he may no longer qualify now. If he participated in a retirement plan sponsored by his former employer, then he may be entitled to a distribution from the plan, preferably in the form of a rollover to avoid the immediate income taxation of the retirement benefits. Most importantly perhaps, he should review the specific terms of the company's disability plan to ensure that he is receiving all that he is entitled to.
 Reducing Expenses and Maximizing Assets
back to Financial Consequences of Disability
back to Intro
|
