A Subsequent Injury Benefits Trust Fund (SIBTF) is a state-sponsored program that provides benefits to workers with pre-existing injuries or illnesses aggravated by work-related injuries. If you have been injured at work and have a pre-existing condition, you may be eligible for benefits through a SIBTF.
What is a Subsequent Injury Benefits Trust Fund?
If you have been injured at work, you may be entitled to benefits from the state’s Subsequent Injury Benefits Trust Fund (SIBTF). The fund provides benefits to workers with a pre-existing injury or condition aggravated by a work-related injury. To be eligible for benefits, you must have a doctor confirm that your work-related injury aggravated your pre-existing condition.
The SIBTF can help you cover the cost of medical treatment and lost wages resulting from your aggravation injury. If you have questions about eligibility for benefits, you should contact an experienced workers’ compensation attorney.
How Does a Subsequent Injury Benefits Trust Fund Work?
A Subsequent Injury Benefits Trust Fund (SIBTF) is a state-sponsored program that benefits workers who have suffered a work-related injury resulting in a permanent disability. The program is designed to help these workers return to work and support themselves and their families.
To be eligible for benefits, workers must exhaust all other income sources, such as workers’ compensation and private disability insurance.
Once eligibility is established, the SIBTF will provide benefits for up to two years. Benefits are paid monthly based on the worker’s earnings at the time of the injury.
The SIBTF is funded by assessments of employers and insurers doing business in California. The Department of Industrial Relations administers the program.
What Are the Benefits of a Subsequent Injury Benefits Trust Fund?
When you are injured at work, you first think about how long you will be out of work and how much money you will lose. You may also worry about how your medical bills will get paid. If your employer has a subsequent injury benefits trust fund, you may be eligible for benefits that can help ease your financial burden.
A subsequent injury benefits trust fund is a state-sponsored program that provides financial assistance to workers who have been injured on the job and are unable to return to work. The program is designed to help injured workers cover their living expenses and medical bills while they recover from their injuries.
To be eligible for benefits, you must have been injured on the job and be able to show that your injuries prevent you from returning to work. You must also have applied for and been denied workers’ compensation benefits.
The number of benefits you receive from a subsequent injury benefits trust fund will depend on your circumstances. However, the average use is $2,500 per month. Benefits are typically paid for a period of six months to one year.
If you are injured on the job, contact your employer immediately to find out if they have a subsequent injury benefits trust fund.
Is SIBTF Taxable?
The quick answer is “no,” and a SIBTF is not taxable.
SIBTFs are created from personal injury settlements to help pay for future medical care and expenses related to the injury. The funds can be used to pay for in-home care, therapies, and adaptive equipment.
Since the money in a SIBTF is meant to cover future medical expenses, it is not considered taxable income. It means you will not have to pay taxes on any money you receive from a SIBTF.
If you have any questions about whether or not a SIBTF is taxable, you should speak with an accountant or financial advisor.
Like most people, you probably don’t know much about a Subsequent Injury Benefits Trust Fund (SIBTF). However, if you’ve been injured at work and are receiving workers’ compensation benefits, it’s essential to understand how a SIBTF can help you.
If you think you might be eligible for benefits from a SIBTF, the best thing to do is talk to your employer or workers’ compensation insurance company.
To learn more about how a subsequent injury benefits trust fund can benefit you, please visit us at Pistiolas or call us at 844-414-1768.