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How Does a Workers Comp Settlement Work?
All businesses with a certain number of employees are required to have workers’ compensation insurance. This covers the cost of medical expenses and a percentage of the lost wages of employees who get injured or sick on the job. It also protects companies from the liability of having to pay for these costs out of pocket.
After a work-related injury occurs, employers are required to report the accident to their worker's comp insurance company, which will then pay for the medical expenses and lost wages. If the employee feels that the payout is inadequate, workers comp settlement negotiations will begin. This provides a venue to help workers receive the just compensation they deserve.
Once the worker and the employer’s insurance company agree on an amount, the insurer will pay the employee either as a lump sum or in increments. Once all the funds have been paid, the worker will be unable to reopen their claim.
How Long Do Most Workers Comp Settlements Take?
If you did not hire a lawyer, are not on permanent disability, and did not negotiate your settlement, it takes about 12-14 months to get your money. With a lawyer, however, the settlement process usually takes 17-18 months. If you and your lawyer negotiate a workers’ comp settlement, it can take a little longer, but with a more favorable outcome.
Related Article: When Will Workers Comp Offer Settlement?
Should I Settle My Workers Comp Case?
The question of whether to accept a settlement offer depends on several factors, including the amount of money being offered, the seriousness of the injury and future physical outlook, the strength of the medical evidence, the claimant's financial situation, and their willingness to wait it out.
On the one hand, if the offer is decent and the person needs the money immediately, it may be worth accepting a lower amount to avoid the hassle and time it takes to negotiate a workers' comp hearing.
On the other hand, if the insurer claims that you're less disabled than you believe you are, and you have solid medical evidence supporting your claim, it may be worth trying to convince a workers' comp judge to award you additional benefits.
Related Articles:
- Tips to Improve the Chances of Winning a Workers’ Comp Case
- What Is Workers Compensation?
- Disability Benefits & Workers' Compensation
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FAQs
1. How Is the Settlement Amount Determined in a Workers’ Comp Case?
The settlement amount is determined by considering factors like medical expenses, lost wages, disability ratings, and future treatment needs.
2. What Should I Consider Before Accepting a Workers’ Comp Settlement Offer?
Consider future medical expenses, long-term disability impacts, and the finality of the settlement before accepting a workers' comp offer.
3. Can a Workers’ Comp Settlement Be Reopened After It Has Been Finalized?
Generally, once a workers' comp settlement is finalized, it cannot be reopened, except in cases of fraud or mutual agreement.
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If you or a loved one was involved with such matters, you should contact Schmidt & Clark immediately for a free case evaluation. You may be entitled to a settlement by filing a suit and we can help.