Understanding The Nuances Of A Worker’s Compensation Settlement
After experiencing a workplace injury, an injured worker may be unsure of how he or she can obtain compensation. Some employers may ask their injured workers to settle their claim. While a settlement may be right for your claim, you should be aware of the potential drawbacks of a settlement. Learning how settlements may benefit some workers and how they can cause issues for others can help you understand what is right for your worker’s compensation claim.
Talking to a workers’ compensation lawyer is the most direct way to get answers to your questions. You can discuss your worker’s compensation claim with Mark L. Newman, Attorney at Law, in a free consultation. Mark will review the specifics of your claim and help you understand the potential benefits and pitfalls of accepting a workers’ compensation settlement. To schedule your free consultation at our Cincinnati office, call us at 513-813-7616.
What Is A Lump Sum Settlement?
A workers’ compensation lump sum settlement is a payment from an employer to an injured worker that settles a claim for compensation because of work-related injuries. This negotiated settlement gives the employer and employee more control over the process and allows them to have a resolve contested issues efficiently.
To obtain a settlement, the representatives for both the employer and injured worker must agree on a sum in negotiations. If the parties agree to a settlement, the Ohio Bureau of Workers’ Compensation (BWC) must then approve the terms of this agreement. The BWC will also send a letter to the Industrial Commission of Ohio (IC) to determine if the agreement is fair to the worker.
Lump sum settlements are separated into two categories, partial and full settlements:
- Partial settlements: A partial settlement is a payment that settles only a portion of a worker’s compensation claim. For example, you could settle your claim for a certain type of benefit but still reserve the right to obtain medical treatment.
- Full settlements: Accepting a full settlement means that you will receive no additional compensation or benefits for your claim.
After coming to an agreement, a mandatory, 30-day waiting period starts. Any party involved in the settlement can withdraw their consent to the agreement in this window.
Is A Settlement Right For My Workers’ Compensation Claim?
Every workers’ compensation case is different, and the details of your accident, injury and medical coverage will determine if a settlement is in your best interest. Settlements can be beneficial to some workers because they can receive a sum of money to cover their medical expenses, lost income and other injury-related expenses. Other workers may have problems with a settlement because they may have to pay for previously undiscovered medical issues with a limited pool of money. Settlements also require workers to carefully plan their financial futures, which can cause issues if unexpected costs arise.
As your attorney, Mark Newman will help you understand the benefits and drawbacks of a settlement. The Ohio State Bar Association has certified Mark as a specialist in workers’ compensation law, and he has practiced law for more than 25 years. He will use this experience to advise you on the best course of action for your claim and fight to get you the best possible outcome. Do not start the settlement process without first calling our firm to discuss your options.
Do Not Accept A Settlement Without First Speaking With A Lawyer
Since 1989, Mark L. Newman, Attorney at Law, has devoted his practice to helping injured and disabled clients. He will review all aspects of your case and help you determine if accepting a workers’ compensation settlement is in your best interests. Give Mark a call today to schedule a free consultation at 513-813-7616 or fill out our online form to get in contact with us.