Planning For Unexpected Injuries And Disabilities

Posted on

In the Virgin Islands, workers review options for managing unexpected injuries and disabilities. Some injuries are covered through worker’s compensation, and the workers receive adequate support and coverage. However, if the condition didn’t happen at work, the worker could lose their ability to support themselves or face high expenses. A consultant provides options for workers to protect themselves when the unexpected happens.

Starting Temporary Disability Policies

Employers offer temporary disability policies to their employees. The workers pay a small premium for the insurance coverage. It pays for in-home nursing and additional medical services. Select policies provide a portion of the worker’s income while they recover. A consultant helps the workers evaluate options that are available through their employer and alternative plans. A comparison determines which choice is right for the worker.

Purchasing Professional Disability Policies

Professionals such as doctors and medical staff purchase disability plans that cover disabilities more fully. The policies are transferred to their new employer when they change jobs. The coverage offers a higher percentage of their salary while they recover. The protection helps the professionals continue to generate a higher income when they cannot work. The benefits are available until the professional turns sixty-two or until they can return to work.

Setting Up an Emergency Fund

An emergency fund covers sudden emergencies. When starting the fund, the individual should start with $500 if possible. The money is deposited into an account that generates interest at a fixed rate. The consultant sets up a plan that defines the value deposited into the account each month.

Health Savings Plan

A health savings plan is set up to cover certain medical services. The opportunity allows the worker to deduct a predetermined amount of money from their wages each pay period. The funds aren’t taxed and are transferred into the account immediately. The worker pays a lower tax rate, and they generate adequate funds to supplement their existing healthcare plan or disability insurance.

In the Virgin Islands, consultants help workers set up additional plans that help the workers manage injuries and disabilities. The plans are devised carefully based on the individual’s ability to generate savings and purchase the right policies. Workers who need more guidance contact Cane Bay Partners right now.