In 2007, the US Bureau of Labor Statistics reported that approximately 1.2 million workers suffered injury in their workplace. Those workers were instructed to take time off. They spent at least 31 days to recuperate. That’s definitely going to make a lot of difference, especially in maintaining your financial security.
If you have been injured in a job-related activity, Workers Compensation should be able to help you. If you need to be on leave for a week or so, they can reimburse you. You have to file your claim for lost wages. However, if delays come in, you may not receive your money according to your expected dates. When that happens, paying your bills can be a major predicament. Here are some guidelines on how you can pay your bills while you are still in the process of waiting for your worker’s compensation:
- Set up an emergency fund. Of course, you should do this ahead of time. Simply put money into your emergency fund weekly. Between $10 and $20 is already great. You can create a money market saving accounts. It pays better interest rates. By allowing yourself to save, you get use something when emergency situations arise.
- Coordinate with your Human Resources Department. Meet the department’s administrator. Find out if you are already qualified to apply for a hardship loan. It is a special loan that can be taken out of your 401K – your retirement account. You can use a hardship loan to cover tuition fees and medical needs. You can also use it to settle housing loan. Applying for a hardship loan isn’t that difficult. You can process everything on-line. Once your application has been approved, the loan is going to be deposited directly into your bank account – be it savings or checking.
- Purchase an accident insurance. Aflac offers one of the most comprehensive accident insurance packages in the industry today. Consider getting one even before something happens to you. Your insurance proceeds can cushion the impact of any emergency situation. After you have filed your claim, you can get your accident insurance proceeds between 3 and 4 days. You can use the money to pay for your utilities, rent, and other important expenses.
- Request for a special payment scheme. Get in touch with your creditors. Explain your situation and request for an arrangement. Show that you intend to pay your bills on time so you can avoid paying the late fees and penalties. However, the injury has prevented you from meeting your financial obligation. Don’t volunteer a date or a specific amount. Ask for the maximum terms since you really can’t guarantee when is your Workers Compensation benefits are going to be released and how much is going to be approved. Formalize your request for consideration by submitting a letter. See to it that your contact person is properly named and addressed.
If the above measures are enough, seek assistance from the Community Action Center in your locality. You can directly coordinate with the Department of Human Resources and figure out the available programs in your area. Most of the programs can’t truly pay all of your expenses’ but they can allow you to pool cash as soon as possible. That can help you in getting back on your track right away.