When you start working in an organization, there are plenty of benefits that are provided to you as a workman. But often, people tend to remain negligent to their rights and benefits that they are entitled to. According to a recent survey, the wages a worker receives are only 70% of his/her total compensation. That means if you are not aware of the remaining compensation, then you are probably losing 30% of your benefits. It is essential to know more about your benefits and rightly claim them at the right time.
Workers’ compensation policies comprise of several benefits that are specially designed for workers according to their services provided to the organization, the injury occurred during the working hours, loss of property or belonging while working for the benefit of the company, etc. While there are plenty of benefits, there are some advantages that are left underutilized. That means, people are either unaware or don’t know the exact use of such benefits.
Below are three of the underutilized workmen compensation benefits that you must be acquainted with make the best use of your rights.
Loss of Earning Powers Benefits
Available to the injured workers, loss of earning powers benefits is one of the most underutilized workers’ compensation benefits. You are entitled to LEP when you return to work after an injury with doctors’ instructions but are being paid less than your date of injury wages. It is either calculated as the difference of 80% between the date of your injury and current wages or one minus the current percentage of reduced wages. You can use an LEP calculator as well to determine the exact amount to place your claim.
High Deductible Health Insurance
A majority of organizations provide health insurance to their workers. They at least provide one high deductible health insurance. But, a majority of employees are not keen to enroll in one. There can be plenty of reasons for not enrolling. Hence it is one of the most underutilized workers’ compensation benefits.
Employees Stock Options
Not everyone knows that employers provide stock options to their employees as a way to build their wealth along with the company. Stock options are given to employees who showcase high performance and contributed towards the long term success of the organization. It is essential to recognize such stock benefits and make the most of it.
Benefits Are Meant To Be Utilized
Workmen compensation policy is designed to provide the required benefits to the workers of an organization. Though these benefits are made to protect the rights of workers, there are many underutilized benefits that often deprive workers of their rights.
The above mentioned were some of those benefits that you must be aware of in order to remain a smart worker and use them at the right time. Make sure to consult a law firm before claiming any benefit.
Your rights are reserved to you, and nothing can deprive you of them unless you remain ignorant. Hence, it is important to keep your eyes open when it comes to making the most of your rights.