Three Smart Things You Should Do If Your Workers Comp Claim Pays Too Much

Insurance Blog

Getting workers compensation insurance is already a smart thing to do, especially if you work a high-risk job. If you ever need to file a claim, you know that you are, and should be, covered. If you do file a claim and your workers comp insurance company pays out more than you expected on your claim, you may want to splurge. However, that may prove to be not such an intelligent move. The following smart things are recommended if your claim pays you a large sum.

Be Honest-Check with the Insurance Company

As tempting as it might be to just take that money, accept it as a company error, and do what you want, it is better to be honest and check with the insurance company. If you do not check with the insurance company, and they did make an accounting error, guess who has to pay that money back? You do, and you may have to pay it back with interest, too. If you are still out of work and recuperating when that happens, you will come up short on paying your bills and have to go back to work before you are ready.

When You Checked with the Company but You Are Waiting to Hear Back

Sometimes insurance companies are trying to track down the wheres and whys of situations like yours. Most of the time, the problems are computer glitches, hiccups in accounting software, and the like. While the insurance company works on this issue to make sure you were not overpaid, put all of the extra money in a separate account and let it sit there. If you do have to give it back, you still have it, and the insurance company will not have to come after you to get it. Think of it as holding onto something for a friend until the friend comes back for it. That will make the saving and waiting easier.

When the Overpayment Is Correct

In the event that you checked with the insurance company and your overpayment of worker's comp benefits is correct, you can sit down with ease and formulate a proper budget. In fact, you should. You do not know how long you will be out of work because of your injuries, so you need to plan ahead. You also need to repay any of the medical bills your health insurance did not cover. You can start work healed and relieved of the bills you acquired from your injury.

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