How And When Do I Settle My Workers’ Compensation Claim?
This varies from case to case, a few of examples of when settlement is a viable option occurs when:
If you have reached a medical plateau when treatment is not helping a settlement is possible
When a good recovery has been accomplished and there is no need for further treatment
When you have a number of older but still viable claims
When it is becoming increasingly difficult to secure further compensation, medical treatment or other benefits
When the injured worker is contemplating retirement or moving out of state, or is experiencing serious illness or advanced age. Settlement may provide an injured worker with some claim money in all of these situations. Generally, no benefits can be paid to the injured worker’s family after death
When injured workers who are collecting permanent total disability want to reduce annuity payments to cash
Cases in court where the issues of what injuries to consider in the claim are contested
There are also a variety of circumstances in which settlement may not be appropriate. Remember, a settlement is full and final, which means that once the claim is settled you are no longer eligible for any compensation or medical benefits from your workers’ compensation claim.
If you have an existing workers’ compensation claim and you are considering settlement, please contact us for a free consultation to help you identify the pros and cons of your specific situation.
