How to Avoid Falling Behind on Your Finances When You Can No Longer Work

Even in the best of personal circumstances, managing your finances is always stressful for one reason or other. This is even more of a poignant truth for those who find themselves in a situation where they are no longer able to work.

Thankfully, those who are unable to work have a number of options available to them so as to avoid falling behind on their personal finances. If you are one of these people and are looking for answers, here are a few things to consider that might help you keep up with your finances and necessary payments.

Social Security

When you find that you are unable to work as the result of an injury or disability, you might feel that you are in a hopeless situation. This isn’t the case, however, as there are several Social Security programs that are designed to help those who aren’t able to earn enough money to keep their personal finances afloat. One of these programs is specifically geared towards assisting people who are either disabled or who have been injured in a workplace accident.

Because there are some complicated aspects to applying for and receiving benefits through a Social Security program, you should certainly look to have a lawyer help you file for Social Security Disability Insurance (SSDI). If your situation is applicable, you might even qualify for a combination of SSDI and worker’s compensation.

Worker’s Compensation

If you have been injured while on the job and that injury now prevents you from being able to work, you might qualify for some form of worker’s compensation. There are several different avenues you can take when it comes to worker’s comp, but depending on what your specific situation is, you should seek professional advice to help guide you through the process.

Your employer will already be in possession of some form of worker’s compensation insurance. Depending on the circumstances surrounding your accident, you could have everything from medical bills to your lost wages covered by your company’s worker’s comp insurance. The amount of coverage that your employer has for its workers will be regulated by the state, so it is worth doing some research to know exactly what your rights are.

Short-Term Solutions

If the circumstances surrounding your injury or disability don’t align with the requirements for SSDI or worker’s compensation, there are short-term solutions available to you so that you don’t fall behind on bills and other payments. These solutions can also be helpful if you know that you will recover from your injury well enough to be able to return to work in the future.

Once again, short-term disability insurance is state-specific in terms of exactly what you are entitled to. For this reason, it is advisable that you seek professional legal guidance if you need to make a claim. You could qualify for a policy that could help you out for up to two years if necessary.