In Richmond, a workers’ compensation attorney may be able to help you protect your Social Security benefits if you become injured at work and qualify for Workers’ Compensation. These two benefits systems limit the amount of money you can receive when applying for both. The combined benefits system generally will pay up to 80% of your normal income amount.
To maximize your benefits, you may need to look at how you receive your money so that you aren’t short-changed. A real-life example comes from an elderly gentleman in Virginia who settled a claim for $75,000 with Workers’ Compensation. Unfortunately, he did not seek the advice of a Richmond Workers’ Compensation attorney before signing the settlement paperwork. He didn’t have any protections in place to guard against a reduction in his Social Security benefits. Because of this, his Social Security payments dropped $600 for more than 5 years.
If he had enlisted the help of a Richmond Workers’ Compensation attorney, he would have been advised not to take a lump sum payment for his Workers’ Compensation claim since it would exceed his maximum benefits allowance. It would have been more beneficial if he had apportioned the Workers’ Compensation settlement over his lifetime. In this way, he would have pocketed more than $36,000 without losing much, if any, of his Social Security benefits.
Consult a Richmond Workers’ Compensation Attorney
Social Security and Workers’ Compensation benefits can offset each other’s earnings potential. To understand how to get the most from your disability benefits, contact the experienced attorneys at the Injured Worker’s Law Firm, who have protected the rights of injured workers for over 20 years. Call for your free Ultimate Guide to Workers’ Compensation in Virginia by dialing 804-755-7755 or 877-755-7744.