Workers' Compensation Settlement: What You Should Know Before You Decide
Settlement offers are a common part of the worker's compensation claim process. Many times, the insurance company will seek to settle the claim for a flat fee in the hopes of reducing their costs associated with the injury. You aren't required to accept a settlement offer, but if one is presented to you, there are a few things you should discuss with your workers' compensation attorney.
The Timing Of The Offer
While there is no set time for a settlement offer to be made, you do want to consider the timing of the offer before you make a decision. For example, if you are struggling with a serious injury and your treatment is still ongoing, it may not be in your best interest to accept an offer yet. It's often best to wait until you have reached the peak of your recovery because you won't be incurring any further expenses at that point. However, if you know that your treatment isn't going to be a particularly long one before you're considered recovered, you may find it worthwhile to settle for a lump sum now.
The Sacrifice You Will Make
Accepting any kind of settlement offer also means sacrificing your right to any further compensation. That means that if your condition should worsen, you won't be eligible to file a claim for any more financial support. You will have only what you accepted in the settlement. That's why it is wise to weigh the amount being offered carefully before you make any decisions.
The Avoidance Of Court
One of the reasons that many people opt to accept a settlement agreement is to avoid the lengthy process of a court hearing for their worker's compensation benefits. If you are apprehensive about the idea of going to court, are concerned about the decision going your way, or are struggling too much physically and emotionally to go through the hearing process, you may find it in your best interest to accept a settlement. However, keep in mind that you could ultimately be awarded more than the settlement offer if you did decide to see it through and go to court.
Your worker's compensation attorney is a great resource when it comes to evaluating settlement offers. He or she will have the experience to help you determine if it is reasonable, or if it should be refused or countered. Consider these factors and discuss the offer with a law office like Bishop Dorfman Kroupa & Bishop PC before arriving at any decision.