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 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.