A person injured on the job in Florida usually has the opportunity to settle his Workers' Compensation claim for a lump sum of money. Before entering into a Workers' Compensation settlement, you should carefully consider whether it is in your best interest to settle your claim. There is no specific Workers' Compensation settlement formula to determine how much money you would receive for a particular claim. Most insurance companies are motivated to settle a Workers' Compensation claim once the injured worker has received the bulk of the medical care that they are supposed to receive.
To Settle Claims?
The reason Workers' Compensation insurance companies want to settle Workers' Compensation claims is so that they can close the injured worker's file; they no longer have to pay an adjuster to work on the file; they no longer have to pay their attorney to work on the file; and they limit any exposure they have in the future to paying for the injured worker's medical care and/or wage benefits. Basically, an insurance company will settle a claim so it can save money.
One critical issue to consider when entering into a Workers' Compensation settlement is that you are giving up your right to any future medical care for the injury you suffered on your job. The date that your medical care stops is usually negotiable, however it is usually either on the day the Settlement Agreement is reached, or the day the Settlement Agreement is approved by the Workers' Compensation Judge. However, when you do settle a Workers' Compensation claim, even if an insurance company allows you to continue to receive medical care until the Judge approves the settlement, most insurance companies will not authorize any significant care such as a surgery. Usually they will let you continue to get your prescription medication, maybe some physical therapy, or other inexpensive items.
Another critical issue to consider when entering into a Workers' Compensation settlement is whether you are still working for the same company you were when you became injured. Most Workers' Compensation insurance companies will want you to resign your position from that same employer if you settle your claim. Remember, settlement is voluntary between the injured worker and the insurance company. Neither side is required to settle the claim if they do not want to. Unfortunately, most insurance companies believe that if you have been injured once at work, you are more likely to be injured a second time at work, and as such, they request that you resign your position if they voluntarily agree to settle the claim.
The two major components of a Workers' Compensation settlement are whether you will need additional medical care in the future, and/or whether the insurance company will be required to pay you wage benefits in the future. If your need for medical care in the future and/or wage benefits is relatively low, the potential settlement value will also be low. However, if you need a significant amount of medical treatment in the future, and the insurance company is required to pay you additional money in the future, the potential for a higher settlement increases.
If you are considering settling your Workers' Compensation claim, it is best to talk to an experienced Florida Workers' Compensation attorney. There are many issues which factor into the value of a Workers' Compensation settlement. To put your claim in the best position for a lump sum settlement, speak to an experienced Florida Workers' Compensation attorney to discuss your settlement options. For a free consultation, contact Joseph M. Maus today or call our law office at 866-556-5529.
