Injuries in the workplace can result in various damages, such as medical bills and lost wages. Fortunately, you can recover these damages by filing a report with workers’ compensation insurance. Things can get a bit complicated when the injured worker is old enough and considers retirement while receiving workers’ compensation insurance.
Before you decide to retire, it is important to understand the potential risks and consequences. In brief, choosing to retire while receiving the benefits can prove detrimental to your claim. You must consult with a legal expert before you take the step. Speak to a Work Injury attorney today.
Can you retire while on workers’ compensation?
If you have reached the age of retirement, according to the Social Security Administration, then retiring while receiving workers’ compensation insurance should not affect the benefits. You will continue to receive the weekly payments and money for your damages. Therefore, it is possible that your retirement will have no effect on your workers’ compensation claim.
However, there are situations when it might affect you. The typical workers’ comp benefits include medical bills, which pay you 100% of the bills related to your injury or illness. If you are unable to work due to your accident, workers’ compensation also pays 66% of your weekly wages.
You should be aware that workers’ compensation will pay for your medical bills related to your workplace accident regardless of your employment status. This means you will receive these payments whether you decide to continue to work or retire.
However, the same may not apply to wage replacement benefits. Workers’ compensation insurance makes weekly payments for as long as the victim is forced to stay out of work due to their injury. But, if you choose to retire, you may no longer receive the “lost wages” damages.
On the other hand, if you have had a permanent disability due to an accident, such as the loss of a leg, you may receive permanent disability benefits. If you choose to retire because of the loss of your leg, then it should not have any effect on your workers’ compensation benefits.
How can an attorney?
If you have suffered an accident in the workplace and are considering retirement, it is usually a good idea to consult with an attorney before taking a major step. An attorney can help you explore your legal options and prevent you from taking the wrong measures. Speak to an experienced team of legal experts today and learn about your retirement options.