Should I Settle my Workers’ Compensation Claim?
If you suffer an injury in an accident at work for your employer and have been receiving workers’ compensation benefits, you may have this question. “What happens when I settle my workers’ compensation claim?”
Usually, when you settle your workers’ compensation claim with your employer’s insurance company, that is the end of your claim for that injury from the accident at work. If you settle your claim, you will not be able to get any more workers’ compensation benefits for that particular injury that you suffered in an accident at work. You are not allowed to say, “Whoops, I made a mistake. I should not have settled. Let me do this over again.” This means that you should use extreme thoughtfulness and care, and make sure that you have reached your maximum medical improvement (MMI) before you settle your workers’ compensation claim.
An insurance adjustor may try to pressure you into settling your workers’ compensation claim for your injury that happened in an accident at work. Remember this, no one can force you to settle your workers’ compensation claim.
Right time to settle
What you may really be wanting to know is, “Should I settle my workers’ compensation claim? Is that a good idea? How do I know when it is the right time to settle my claim?”
There are some things to consider that may help you to know when you should accept a settlement offer from your employer’s insurance company. They are:
Your age – If you are getting close to Medicare and retirement, you may have an easier time reaching a settlement with the insurance company.
The future financial situation of your family – The workers’ compensation checks that you receive each week will end with your death and a settlement.
Your future earning potential – As a general rule, you are not allowed to be gainfully employed at the same time that you are getting workers’ compensation benefits.
Being permanently and totally disabled – You should make sure that the amount of money that is offered to you in the settlement is sufficient to allow you to live with dignity for the rest of your life.
Not being able to go back to your old job – You should only settle when you believe enough money is being offered that will allow you to be able to live until you find another job.
The amount being offered – If you believe the amount of money that the insurance company is offering you to settle your workers’ compensation claim is too low, it probably is too low.
One of the wisest things that you could do is to have a workers’ compensation lawyer working for you. People who have a workers’ compensation lawyer usually get a larger, faster and better workers’ compensation settlement than people who do not have a workers’ compensation lawyer. You owe it to yourself and your family to get the best possible workers’ compensation settlement that you can for your injury that occurred in an accident at work. The best way to do this is to have a workers’ compensation lawyer working for you.
- Lump-Sum settlement for Being Permanently and Totally Disabled From Employment (usworkerscomp.com)
- Handling Your Own Workers’ Compensation Case, Is it too Late to Get an Attorney (usworkerscomp.com)
- Changing Employers and Getting Workers’ Compensation (usworkerscomp.com)