Workers’ Compensation and Disability Insurance are both financial tools that protect your income if an illness or injury prevents you from working. They may seem similar, but there are distinct differences. Do Oklahoma workers need disability insurance if Workers’ Compensation already covers them?
What is Workers’ Compensation?
Workers’ Compensation is a type of insurance required by law to be provided by most employers. This insurance benefits employees who are injured or become ill due to their work. The benefits include medical expenses and lost wages, which are paid regardless of who was at fault for the injury or illness.
Workers’ Compensation may also cover retraining costs if you become permanently disabled and cannot perform your previous job tasks. You can also receive compensation for permanent injuries like losing a limb. There are also benefits to families of workers who lose their lives on the job.
Workers’ Compensation only covers injuries or illnesses that occur while you are working. It does not cover any injury or disability that occurs outside of work.
What is Disability Insurance?
Disability Insurance is a type of insurance that provides benefits to individuals who become disabled and are unable to work. Disability insurance policies vary, but they typically replace a portion of your income if you become disabled due to an illness or injury that is not work-related. Disability insurance policies can be purchased either through an employer or individually, and they can provide additional coverage beyond what workers’ compensation provides.
Two types of disability insurance are generally available:
- Short-term disability insurance provides a percentage of your pay for a few months or up to a year in some cases until you can return to work.
- Long-term disability insurance replaces a portion of your pay for longer terms or if you are permanently disabled.
You may also qualify for government disability benefits through the Social Security Disability Insurance (SSDI) program. Workers who have paid into Social Security for the requisite number of years and meet other requirements may receive these benefits in addition to other insurance coverages.
Should I Have Disability Insurance If I’m Covered by Workers’ Compensation?
Do you need disability insurance if you are covered by Workers’ Compensation? The answer depends on your specific situation. If you have a job that puts you at a higher risk of injury or illness, you may want to consider disability insurance in addition to Workers’ Compensation. Disability insurance can provide more comprehensive coverage and help protect you financially if you become disabled outside of work. If you have a relatively low-risk job and feel comfortable relying solely on Workers’ Compensation, then disability insurance may not be necessary.
Disability insurance can be expensive, and prices can vary depending on your age, health, and occupation. However, it may be worth the investment if you want to ensure that you are fully protected in the event of a disability. It’s also important to review your disability insurance policy carefully before purchasing it to ensure that it meets your specific needs and provides the coverage you require.
Experienced Workers’ Compensation Assistance in Oklahoma
Workers’ Compensation and disability insurance are two types of protection available to Oklahoma workers. They provide financial assistance in the event of an injury or illness that prevents you from working. In short, Workers’ Compensation provides coverage if you become ill or injured on the job; disability insurance provides coverage in addition to Workers’ Compensation if you get hurt at work and injured elsewhere on your own time.
The seasoned Oklahoma Workers’ Compensation attorneys at The Armstrong Law Firm, PLC can help you with questions or problems with your Workers’ Compensation coverage. We are your experienced advocates who can help you find justice and peace of mind if you are injured on the job and cannot work.