Are workers compensation payments considered an annuity?
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Are workers compensation payments considered an annuity?
There’s a question on an application for Section-8 housing: “Do you or does anyone who lives with you: now receive or expect to receive income from a pension or annuity?” I already receive SSI. I didn’t take a settlement in my workers compensation case so I do not receive settlement payments, but I do receive workers compensation checks every other week.
Asked on August 21, 2011 New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
An annuity is a type of investment in which a person contracts to put in payments for a certain amount of time, or pay one large amount of money. In return, one receiving its benefits will receive payments over a period of time at regular intervals down the road.
Usually these annuities are obtained through insuramce companies. In most cases, annuities are used as retirement vehicles.
From your question concerning the worker's compensation benefits you are receiving for a presumed work related accident, I would give an opinion that you are not receiving an annuity for these benefits in that such are for medical bills, lost wage claims, pain, suffering and the like.
Good question.
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