When professionals get hurt on the job, they often worry about the financial consequences of that reality. They may have to take time away from work to heal. They may also have significant medical expenses that they need to cover.
Some people try to use paid leave benefits and their private health insurance to address the consequences of work injuries. While this may seem like a simpler solution, it passes some of the cost back to the injured worker. Workers’ compensation medical coverage is often a better option than traditional health insurance.
Patient responsibility costs add up quickly
There are many ways that traditional insurance policies pass expenses back to people who need medical treatment. Most people have health insurance policies with large deductibles. They may have to pay thousands of dollars out of pocket each year before insurance covers any remaining expenses.
Copays are also common. People have to pay a flat rate for every office appointment they attend and every prescription they fill. Co-insurance obligations may create a potentially devastating financial obligation.
Insurance companies make policyholders responsible for a flat percentage of the total cost of their care. In some cases, coinsurance can be staggeringly high. Policies may force people to pay 50% of their costs if they seek emergency room care, for example.
Workers’ compensation medical coverage is much more generous. There are no patient responsibility costs. Workers can get the treatment they need and may also be eligible for disability benefits to replace lost wages.
Pursuing a workers’ compensation claim can help injured professionals cover their treatment costs and other losses. Health insurance is often not as helpful for injured employees as workers’ compensation might be.