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6 Ways to Protect Your Finances From a Workplace Injury

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No one likes to think about a workplace injury, but the truth is that it happens more often than you might think. Furthermore, workplace accidents can be expensive, both for the worker and the employer. Workers suffer from medical costs and lost wages, and businesses lose an average of $5,600 for every minute of downtime, per Gartner reports. Fortunately, there are steps you can take to protect your finances from a workplace injury. Here are some key ways to mitigate the financial risk of an accident.

1. Invest in Health Insurance

One of the best ways to protect your finances from workplace injury is to ensure that you have good health insurance coverage. Health insurance can help to cover some of the costs associated with a workplace injury, such as medical bills, rehabilitation, and other costs related to recovery. It’s a good idea to take the time to research different health insurance plans and find one that meets your needs and budget.

2. Consider Supplemental Insurance

While health insurance can help to cover some of the costs associated with injury, it may not always provide enough coverage. For this reason, it’s a good idea to consider investing in supplemental insurance. Supplemental insurance policies provide additional coverage for disability, critical illness, and other medical expenses.

3. Utilize Employer Benefits

Employers are required by law to provide workers’ comp and disability benefits to their employees, which can be incredibly helpful when dealing with the financial burden of an injury. During the initial five months of 2020, more than 1,300 requests were filed in Kansas alone for workers’ comp benefits, demonstrating how important these benefits can be for injured workers.

Furthermore, many employers also have other types of benefits, such as discounted healthcare services, that can help their employees protect their finances. It’s important to familiarize yourself with the details of your employer’s benefits program and take full advantage of them if and when you need to utilize them.

4. Seek Medical Attention Promptly

If you have been injured at work, it’s important to seek medical attention as soon as possible. According to the American Hospital Association, the United States boasted 6,210 healthcare facilities in 2017, providing plenty of options for anyone with an occupational injury to get the immediate medical attention they need.

Prompt medical treatment can help ensure that your injury heals properly and quickly and document the circumstances of your accident. Furthermore, seeking treatment right away can help to reduce the amount of time you spend away from work. This reduces the financial burden of workplace injury.

5. Contact a Workers’ Compensation Lawyer

A workplace injury often involves complicated legal issues. Even if you feel confident you are entitled to compensation from your employer, it’s best to retain an experienced lawyer specializing in workers’ comp claims. An attorney can assist you in filing the workers’ comp claim and help you navigate the legal system, ensuring that you’re properly compensated for your lost wages and medical bills.

6. Find Financial Support

If your injury results in long-term medical costs, consider seeking financial support from charitable groups or non-profit organizations. Various programs are available that provide financial assistance to those in need and are often tailored to specific medical needs. They can help you get through the tough time so that you can pick back up when you’re healed.

The possibility of a workplace injury isn’t something that anyone likes to think about, but the truth is that it is a potential reality. With these six tips, you can protect your finances from the financial burden of a workplace injury. Invest in good health insurance coverage, utilize employer benefits, consider financial support, and seek legal and medical help. This will help you ensure that any workplace injury does not put a financial strain on your life.

7 Reasons You Need to Have an Emergency Fund

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If you’re currently having a tough time managing your finances, having an emergency fund in place can help you stay afloat. Setting up an emergency fund means that you’ll always have some money to lean on during extreme financial difficulties. Many people rely on their emergency fund when they lose a job or are forced to cover an unexpected expense. Here’s an overview of why it’s beneficial to set up an emergency fund.

1. You Don’t Follow a Strict Budget

Perhaps you have started trying to establish a strict budget, but you forget to cover some of the monthly expenses. If you become overwhelmed due to the state of your finances, you can rely on your emergency fund. You can adjust your emergency fund as your financial needs change over time.

2. You Only Have One Primary Source of Income

Establishing an emergency fund is important if you only have primary sources of income that you rely on to meet all of your needs. Things may become tight if you suffer an unexpected illness that prevents you from working for an extended period of time. Perhaps you suffer a tooth injury that causes severe pain, and you’re forced to take time off work or cover an unexpected expense. According to recent stats, almost 50% of adults over 30 have some form of periodontal disease.

3. Car Issues

One of the most significant financial emergencies that people deal with is car issues. Perhaps your engine breaks down out of nowhere, or you’re involved in a serious accident. While auto insurance should assist with some of the repair costs, you may still be responsible for covering your deductible. Things may get complicated if you’re going through a tight financial situation. Having an emergency fund in place protects you and ensures that you won’t do any short-term damage to your finances. Having an emergency fund also covers you if you are held liable for causing damage to another vehicle. Perhaps, the impacted party decides to sue you. You’ll need money to defend yourself in court. Keep in mind that recent data highlights over 30% of people who can’t make bail on their own will have their case resolved or dismissed.

4. Emergency Home Expenses

Perhaps you’re living comfortably with your spouse and a couple of children. According to a recent study, over 90% percent of people get married before the age of 50 in the United States. As a homeowner, you’re responsible for performing regular maintenance. Perhaps unexpected plumbing or HVAC issues arise. Covering these repairs can get expensive, which is why establishing an emergency fund is beneficial. This way, you can relax if an unexpected home repair issue arises because you have the funds to take care of it.

5. Cover a Large Tax Bill

Filing taxes is generally unpredictable. One year you may receive a refund and the next you may owe some money. You may be surprised to learn that you filed a significant amount of money. If your finances are limited, you could rely on your emergency fund to pay your taxes.

6. Unexpected Travel

If you have to make an emergency trip to visit a loved one, covering last-minute transportation costs is generally expensive. You can rely on your emergency fund during these tough times. You don’t want your finances to stand in the way of you getting a chance to spend time with your loved ones.

7. You Have a Long-Term Goal You’re Trying to Reach

Finally, you could be saving money to start your own business or purchase a new car. You’ll need stable finances in order to accomplish long-term goals. One unexpected emergency could prevent you from accomplishing your goals or extend the time it takes to reach them. However, relying on an emergency fund during troubling can help stabilize your financial situation.

There are multiple positive benefits to establishing an emergency fund. You can prevent a minor setback from damaging your long-term financial situation. Remember these tips as you look to build your fund.

What You Can Do to Make the Holiday Season More Affordable

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It’s that time again, and as the year 2022 approaches its end, we’re gearing up to celebrate the festive season. The festive time is exciting and wonderful, filled with magic and treats. Still, the holidays are expensive, and finding ways to save a penny is more worthwhile in the long run. Today we cover some great ways to save and enjoy spoiling your family during this festive season.

Everyone could use a break financially. What better way to catch your breath and get a financial boost without resorting to credit applications and loans than to save financially? For many people, immediate access to this cash is convenient. Still, paying the loan off increases installments and puts more strain on your finances. Why not save in advance for those holiday expenses?

Avoid Car Troubles

It may sound counterproductive, but avoiding motor vehicle troubles before heading on holiday is better than waiting for something to happen while you’re away. Make sure that before you’re heading out into the holiday sunset or snow you have serviced your motor vehicle. Yes, this will mean giving out some bucks, but think of it as a long-term investment for your peace of mind.

If you’re fortunate enough to enjoy driving a classic sports car that’s fantastic, but still, you need that car serviced. Fun fact about a classic sports car. Did you know that an AC Cobra Coup famously reached 186mph on one of Britain’s motorways in 1964?

Be A Savvy Shopper

Christmas time means gifts, holiday feasts, and traveling to family. Christmas is an expensive time that usually costs more money than other months. Start getting savvy with the way you shop and go for sales rather than paying full price. Sure the item you’re looking for might not be at a special price like its competition, but you can try alternatives at a sale price or less than what you usually pay.

Maintenance of Heating Services

HVAC systems are often handy for climate control indoors. Still, when the temperature is out of balance it leads to higher bills, and the indoor space becomes very uncomfortable. On average, 38% of heat escapes through doors and windows without sufficient insulation, this percentage can go up even to 50%. If you are planning on staying at home this winter, be sure to check your insulation to prevent having to pay even more when the colder days hit.

Plan Your Food Menus

When it comes to food throughout the festive season, it always tends to skyrocket your budget. A rule of thumb to curb some of the money loss is to plan the meals and menus ahead of time. By planning, you can already purchase and freeze the meats long before you need them. The food will be much cheaper if you buy it early than it would be if you wait.

Gifts and Money

It’s easy to get out of control spending during the festive season. This means you need to keep a budget. Some experts suggest withdrawing the total funding for gifts, and when it comes to buying presents, you should stick to the budget. This is something that you should plan for in advance. If you have a budget, it will be easier to get all of the gifts you need.

Overall Home Maintenance

Home maintenance is a great way to save money. This is because if you stay on top of it, you will avoid costly repairs down the line. For example, inefficient window glass accounts for 25% of a home’s energy bill. If you stay on top of this and maintain your windows, you will spend less money in the long run. Overall, this will give you a bigger budget.

Have you found your favorite of these tips? Next time the festive season looms, be sure to have those savings ready. If you follow these tips, you’re sure to have more money for the next year.