Understand what settling means. If you are currently receiving weekly benefit checks for a specific work
injury, they will stop and be replaced by a single, lump sum amount. However,
if the insurer has been paying for your medical treatment, the settlement
will not affect it.
Calculate the value of your current claim. To determine a fair settlement amount, you must properly assess the value
of your claim. The value refers to the actual amount the insurance company
is likely to pay you over the life of the claim itself. Take the number
of weeks left on your current claim, then multiply it by your weekly benefit.
Determine the extended value of your claim. As soon as your current benefits cease, you may still be eligible for
extended benefits. However, continued benefits are typically never more
than 75% of your current amount.
Consider the possibility that your benefits will continue. Your benefits will continue if you are unable to work. Nevertheless,
insurance providers will do their best to ensure that you are truly incapable
of physical labor. Whether it’s hiring private investigators to
keep tabs on you or requiring you to see their doctors every few months
or so, they will do whatever it takes to discontinue your benefits. You
must make a thorough assessment of your physical condition.
Think about the likelihood that your condition worsens. If your condition becomes worse or your end up permanently disabled,
agreeing to a settlement while on temporary benefits may not be a wise
choice. Workers who become completely and permanently disabled due to
an injury on the job are entitled to workers’ comp benefits that
do not expire, equal to two-thirds of your average weekly wage, and receive
cost of living adjustments.
Speak with an attorney. An experienced workers’ comp attorney can evaluate your claim and
determine all of your available options in order to recover the maximum
amount of your entitled compensation.