I Have Workers’ Comp – Do I Need Long Term Disability, Too?

workers' comp long term disability

A solid financial plan helps you save for future goals, but it should also include insurance to protect against the things that could get in the way of those goals. Health insurance helps protect against massive, unexpected medical bills. Life insurance protects families financially in the event of death. Car and homeowner’s insurance protect against unexpected property damage. Some people even purchase pet insurance to protect themselves against surprise vet bills. Not to be forgotten are workers’ comp and long term disability insurance, which help protect your income if an illness or injury prevents you from working. If you have workers’ comp, you might be asking if you even need long term disability insurance. While they share certain similarities, these financial tools have key differences. For more information, please read on, then contact one of our experienced national long term disability benefits lawyers today.

What is workers’ comp?

Workers’ compensation is a type of insurance that is offered through your employer. If you are injured or get sick at work, worker’s comp will:

  • Cover your medical expenses related to the illness or injury
  • Replace a portion of the wages you miss as a result of the incident

It may also cover retraining costs if you are permanently unable to perform your job after the injury, compensation for permanent injuries and payment to beneficiaries of workers who are killed on the job. It should be noted that workers’ comp only covers work-related injuries or illnesses. Injuries or illnesses that occur outside of working hours, or when you are on personal time, are not covered.

What is long term disability insurance?

Long term disability insurance, like workers’ comp, replaces a portion of your income in the event an injury or illness prevents you from working. The difference is that long term disability insurance covers injuries and illnesses that occur both on and off the job. Long term disability insurance typically replaces a portion of your base pay for longer periods of time.

Is long term disability insurance better than workers’ comp?

Though these two types of insurance are different, they are not at odds with each other. While workers’ compensation offers protection against work-related injury and illness, long term disability insurance extends coverage outside of the workplace. As such, both workers’ compensation and long term disability insurance should form an important part of your personal financial plan.

Can you receive long term disability and workers’ compensation at the same time?

If you qualify, you may collect both workers’ compensation and long term disability benefits at the same time. However, before you do so, you should reach out to one of our skilled long term disability insurance attorneys as soon as possible. We will help answer any questions you may have and assist you in applying for benefits.

Contact our experienced nationwide firm

If you or someone you know is looking to receive long term disability benefits, contact Walker & Hern for a free consultation.

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