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What is a workers' compensation settlement?

A workers' compensation settlement is when an injured worker trades his or her right to continue receiving medical or wage loss benefits in exchange for a lump-sum payment. It is an important decision, and one the injured worker should not make lightly.

Here are some questions an injured worker should ask before accepting a workers' compensation settlement:

  • Will you need continuing medical treatment as the result of your injury? If so, how will you pay for that medical care?
  • Will you have continuing physical limitations? How will those limitations affect your life?
  • Will you earn less money in the future as the result of your injury?
  • Will you qualify for Social Security Disability? When should you apply?
  • Is the insurance company offering you a fair amount of money given the effect the injury will continue to have on your life?
  • Is now a good time to settle your claim, or should you wait?

Unfortunately, workers' compensation insurance companies understand how to value work injury claims, while most injured workers do not. To protect your interests, it is important to seek legal advice from an experienced workers' compensation attorney.

You can only settle your workers' compensation claim one time. Once you accept a settlement, you will not be able to go back to the workers' compensation insurance carrier in the future and ask for more money. As a result, it is important to do it right the first time.

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