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Cost and benefits of Workers' Compensation changing

Many workers who get injured on the job look to workers' compensation to receive pay and other benefits while they are out of work because of that injury. Sadly, employers in Texas aren't required to provide workers' compensation coverage. A new report shows that workers are getting less in benefits while employers are paying more for coverage.

A study done by the National Academy of Social Insurance found that injured workers receive an average of $0.98 per $100 of covered wages, while employers pay an average of $1.37 per $100 of covered wages. Texas falls below the average for employers with a rate of $0.80 per $100 in covered wages, but that is partially because there isn't a requirement for workers' compensation in the state.

There are two reasons for the change that is occurring with workers' compensation. One reason is that there aren't as many workplace injuries as there were in the past. The second reason is that laws are being changed so that it is harder for employees to receive workers' compensation payments. The criteria for qualified injuries and health insurance changes have made it more difficult for workers to qualify for benefits under the workers' compensation insurance program.

Employees who are injured at work likely still need to have an income to make ends meet. Learning your options for seeking compensation after an accident can help you to decide how to handle your need for income. You shouldn't have to go back to work before you are healed from the accident just because you need an income.

Source: CBS Money Watch, "As workers' comp costs climb, benefits fall," Erik Sherman, Aug. 18, 2015

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