Kinds of settlements available under worker’s compensation insurance

If you have filed a workers’ compensation claim, you may receive a settlement offer from your employer or his/her insurer. Besides the sum of money offered it is important to be aware of the other conditions of the settlement.

There are different kinds of settlements available under worker’s compensation insurance, which may differ from one state to another. The most common of the settlement options are stated below and worker’s compensation lawyers know about every one of them.

Structured Settlements

In structured settlements, benefits are paid in the form of a lump sum amount instead of over a period of time. Such settlements are often designed to cover the requirements of worker injured while on the job. A structured settlement is meant for a worker suffering from serious injuries and therefore has long-term needs. It ensures that an injured worker receives regular income right into the estimated future.

Any interest accrued form the settlement funds are tax-free, meaning that the worker stands to get more funds if he/she doesn’t need a lump sum. More information on these aspects of the case can be obtained from a worker’s compensation attorney (http://workers-compensation.usattorneys.com/) in your city or county.

Lump-Sum Payments

A lump-sum payment is in effect a one-time payment, for compensating an injured worker for past as well as future benefits owed. For the most part, a lump-sum payment is essentially a “Compromise and Release,” where a worker agrees to waive all of his/her claims in return for a one-time payment. This signifies abandoning any right to medical care in the future, and for that very reason, the expense incurred in a future medical treatment must be factored into one lump-sum payment.

Settlement Approval

Typically, any settlement that a worker agrees to must be approved by the state workers’ compensation board. Usually, this occurs during an informal hearing in the presence of a hearing officer or a workers’ comp judge. The hearing officer or judge will evaluate the settlement in order to ensure that you receive fair and reasonable compensation and will also ask you to confirm whether you understand the implications of the compensation you are going to receive as well as what you are potentially giving up.

As soon as your worker’s compensation settlement is approved, the judge issues an order that details the deadline by which the worker’s comp insurer must make a lump-sum or a first installment payment. The time limits can differ from one state to another, although it is often around 30 days beginning from the day the judge passed the order. If your compensation is late, you are entitled to penalties and interest on penalties, or both.

If you find any difficulty obtaining a payment, you should hire a worker’s compensation lawyer so they can take this challenge head on. Your former or actual employer may be double dog daring you to make a legal move and you should. This is your fight but you need to enlist some help to bolster your forces and chances. The navy does not to battle without the marines and no soldier goes to fight without a bullet proof vest and a weapon – that legal professional is your armor and weapon.

In addition, if you receive a settlement offer from your employer or its insurer, make sure to seek legal counsel before you sign a settlement agreement. If you decide to sign away your rights, you could potentially be in more trouble with little or no compensation to get you through the coming weeks, months, and perhaps years and then you will be up the creek without a paddle.  

Finding Legal Help is not Dangerous or Time Consuming

Fight the power! That is noble but asinine if you do it the wrong way. It is also highly risky signing any paperwork without any legal help. Have you seen the movie The Revenant? If you have not, that is fine. You can envision floating down a river with hostile Indians on each side of the bank in a boat that is not well protected and while giving up the higher ground. This is a horrendous situation to be in. This is akin to taking on the establishment without having a worker’s compensation lawyer working with you.

Not sure where to find one? Do not worry, you do not have to cross tough terrain in enemy territory to find one. You only need to click right here: http://workers-compensation.usattorneys.com/.