Record inflation has hit the nation hard, significantly reducing your purchasing power. As you attempt to restructure your budget in response, questions about your workers’ compensation case are likely to arise.
Most notably, will inflation impact your workers’ compensation case – and will relief come in the future? The short answer is that inflation can have a significant impact if you have a catastrophic claim, and relief might not come as soon as you need it.
Fortunately, your lawyer can help offset the challenges ahead. Ready to learn more? Here’s what you need to know.
Your workers’ compensation case is about getting the benefits you need. Your benefits package can help replace lost wages, pay medical bills, and cover ongoing treatment. As inflation rages on, however, the amount sent your way may not fully cover all your expenses. You may then make tough decisions on allocating the best funds to keep a roof over your head, food in your fridge, and pay medical bills.
Your workers’ compensation benefits get set using the state average weekly wage. To best calculate that figure, the state ties the wage to a cost of living adjustment or COLA. Ideally, this helps to offset the cost of living increases, like inflation. The COLA only applies to permanent disability benefits, so if you only have temporary coverage, you might not see an increase.
Furthermore, even though the COLA should counteract inflation, the wheels of the government turn far too slowly. The current inflation rate is at record-breaking levels and worsening fast, yet the law remains slow to adjust. So, living expenses tend to rise more quickly than the government can make the changes needed to keep everyone afloat.
Since you cannot trust the government to work quickly enough to help you get by, it all comes down to what your workers’ compensation attorney can do for you. With the right attorney by your side, it’s possible to get a judgment that accounts for the high inflation rate. They will keep the pace in mind while fighting for your benefits package, ensuring that you can continue to cover your ongoing expenses as the state slowly adjusts its approach.
If you’d like to make sure that your workers’ compensation case gets handled appropriately, it’s time to get a great lawyer in your corner. Fortunately, our Michael Burgis & Associates team makes that easy to do. Call us at (888) BURGIS1 to book a free consultation. At that meeting, we’ll take the time to hear the details of your case and help you understand how to best move forward. So, please give us a call today to get on the schedule.