Questions To Consider When Settling A Workers' Compensation Claim

Prior to signing an agreement to receive workers' compensation benefits, it is important that you have thoroughly reviewed all your options. Issues, such as whether or not settling now is the right decision and if the amount you are getting is fair, need to be settled now. Once you sign the agreement, you cannot change the terms of it.

Should You Settle Now?

One of the best advantages of signing the agreement now is that you do not have to go to court against your employer's insurance company. Hearings can be anxiety-filling and time-consuming.

You also have the certainty of receiving some form of compensation for your benefits. If you go to court, there is no guarantee that you will win. If you lose, you could be left with no benefits at all.

Although these are good reasons to settle now, it might pay to wait. Depending on your state's laws, when you sign the agreement, you could possibly be giving up your chances of getting compensation in the future if your condition worsens. You would have to pay out-of-pocket of your medical care.

If you settle, you could also end up blowing all of your lump sum settlement. This will leave you without a safety net in the event you are away from work longer than you anticipated.

How Much Is Fair?

How much you ultimately settle your case for depends on the details of the case. Before settling, it is important that you ensure that you have covered all of the possible benefits you can receive.

For instance, if you have a permanent disability as a result of the injury you suffered at work, you should receive permanent partial or total disability. Which one you receive depends on whether or not you can return to work.

You also need to factor in your medical treatment. If you will need continuing medical treatment for your injuries, your estimated costs of future medical treatment should be added into your settlement.

How you handle this particular part of the settlement depends on your state's laws. Your state might allow you to leave the future expenses out of your settlement and still ask for payment when you receive care. However, some states will not even allow future expenses to be factored in because you can go back and file a new claim with the insurance company.

There are many more issues that need to be considered before you receive your settlement check. Never sign an agreement without first discussing it with your attorney. Doing so could cost you a fair settlement. Talk to experts like Franco Law Firm for more information.