So, youre off work with illness or an injury, and theres no prospect of going back to it anytime soon, what do you do? How do you secure your financial security and that of your family when you cant work? This is the last thing you need when youre dealing with pain, but its a worry nevertheless. Here are a few things you can do to put your mind at ease and give yourself a helping hand while you recover.
Understand your insurance
Your insurance is going to be your main source of income, perhaps other than your employer. For most people, their employer will only cover them for a set period of time, and once this disappears, their insurer is their next best bet. Disability insurance is essential, especially if youre a homeowner, in case this problem does arise. This will ensure that, at the very least, the cost of your home will be covered while youre not earning. Some people get this insurance through their employer, but its always worth supplementing it to ensure all your expenses are covered, including groceries and bills.
Find out what youre entitled to
For many people whove suffered an injury, there is the chance at some compensation. In some cases, this is known as a structured settlement payout, which you are entitled to if youre not the one at fault for your injury. To find out more about how to get the best structured settlement payout for you, speak to an attorney you trust. People with illness or injury could also be entitled to support from the government, especially if youre living in a low-income household, so be sure to research federal government programmes to see what support you should be receiving.
Save save save
Whether youre off work or not, saving money is essential. Even if its a tiny amount every month from any insurance payout or benefits you might be receiving, its great for personal morale and a sense of comfort and reassurance to know that you have a buffer, however small it is. This can be used to pay any bills which arent covered by your insurance, any unexpected tax bills, or even emergency home repairs. More than anything, itll just make you feel far more safe and secure.
Keep your chin up
When youre off work, the financial problems, coupled with your own immobility, can become really isolating. It isnt surprising, then, that people can find that they struggle with mental health problems as a result of the stress and loneliness. Surrounding yourself with people is essential, and if you can, try to socialize at least once a week – even a slow stroll around the park is better than nothing, and it wont take a chunk out of your finances either. Depression and money concerns go hand in hand, so its essential to stay on top of one to help keep the other at bay.
Taking time off work due to illness or injury can be a huge financial strain, but there is help at hand. Just remember, youre definitely not alone.