Learning About Workers’ Comp Coverage Vs. Disability Coverage
A lot of times, workers’ compensation coverage and disability coverage end up being used interchangeably in Oklahoma, even though the two are fundamentally different. The confusion arises from the few characteristic similarities between the two types of coverages. We appointed our workers’ compensation lawyers to clarify the differences. The blog post below should help you out.
Defining Workers’ Compensation Coverage
Workers’ comp attorneys define the policy as insurance for injuries sustained by workers while performing work-related duties. Depending on the nature of the job, workers’ comp may also be extended to fit illnesses resulting from occupational hazards. This compensation benefits pay for medical expenses (including physical and mental rehabilitation), lost wages due to missed work, and more.
Defining Disability Coverage
In worker's comp insurances, the employer is responsible for paying the premiums. Whereas in disability coverage, it's the employees themselves who pay the insurance premiums.
In most cases, disability benefits don't cover workplace injuries, and the payout for lost wages is comparatively lesser. This insurance doesn't cover medical expenses and only pays a percentage of the worker's monthly income for a very limited amount of time.
The government of America also has a Social Security Disability Insurance (SSDI) program.
The Pros and Cons of Workers’ Compensation
PROS
Workers’ comp attorneys deem it essential for you to understand the process behind the claim. This makes sure that you know what benefits you have a rightful claim to. The employers are tasked with paying the costs of workers’ compensation. The coverage is also more comprehensive and includes medical bills, lost wages, the continuation of care and rehabilitation, funeral expenses, and a respectable allowance to surviving families/dependents, albeit for a specified period of time.
To ensure that your benefits and medical treatment are not delayed, report the accident and resultant injury to your employer immediately. Sometimes failing to inform of the injury on time can lead to complications in the claim further down the lane.
CONS
The policy of workers’ compensation works such that it protects employers and companies from getting sued at the hands of affected employees. This means that by filing a claim, you are giving up your rights to sue the company.
Another con worth mentioning is that the state of Oklahoma has a rather restrictive statute of limitations. You are required to report the accident within 30 days of it occurring. It is advisable even if the accident seemed minor and didn’t cause any visible injuries; you still take it up with the higher-ups. There’s always a chance that the injury may be lying dormant only to manifest later. The statute of limitations also states that the workers’ comp claim must be filed within 12 months of the incident or alternatively within 6 months of the final medical treatment.
The Pros and Cons of Disability Insurance
PROS
The SSDI lets people stay on disability benefits for an indefinite amount of time, as long as the disability continues. This is a win for individuals with severe or permanent disabilities. However, note that it is only applicable to those who qualify for SSDI. Other disability coverages are only limited to a certain time period.
SSDI is also not counted with retirement benefits, meaning recipients of SSDI earn more during retirement. The only problem is that it is considerably difficult to qualify for SSDI. Most Americans end up not making the cut.
CONS
As we already talked about, disability insurance only provides coverage for up to 3 to 6 months. One also needs to go through a long elimination period or waiting period while dealing with disability benefits. This window can range from 1-2 weeks for short-term disabilities and up to 90 days for long-term disabilities.
If you wish to obtain coverage with better benefits and shorter waiting times, you will have to pay higher premiums.
How Can Chiaf Law Offices Be of Assistance?
Chiaf Law Offices is a collective of Oklahoma City’s best lawyers and legal professionals, including workers’ comp attorneys. Visit our website today to learn more about our firm and how we can help you.
**This content is not legal advice and does not presume, establish or imply any relationship between client and attorney.