Reaching A Worker’s Compensation Settlement
Once your claim has been filed, the insurance company will review your medical records, treatment records, future treatment, and what type of impact the injury will have on both your employment and your quality of life. As soon as they have the information, the negotiation process will begin.
How Long Do Workers Comp Settlements Take?
While you can’t force the insurance company to pay you immediately, they don’t have the power to make you sign anything you are uncomfortable with. When you have a Worker’s Compensation attorney by your side, they can help to negotiate your settlement, providing you with valuable insight as to how much you are entitled to. Negotiating your settlement can take time but will be well worth it in the end.
In most cases, once a settlement amount has been agreed upon and your claim approved, the insurance company has up to three weeks to pay your settlement. At Gaylord & Nantais, the attorneys have your best interest at heart and are always available to answer your questions and make sure your Worker’s Compensation claim is filed on time so you can get the compensation you deserve.
Comparing Workers’ Compensation Settlements Types
Stipulated Finding and Award
If a judge makes a ruling on a lawsuit, the decision is known as a “finding and award.” In workers’ compensation situations, a stipulated finding and award is a compromise the sides mutually agree to rather than a judge deciding. A doctor decides the extent of injury or disability, which in effect offers the requisite details to assess the settlement sum. A stipulated conclusion has the benefit that it could be revived in the future, should the employee need more medical attention as a result of his injury.
Compromise and Release
This kind of settlement will provide you with a lump sum rather than payments over time, which will finally close the case. Since the lump sum amount is typically higher than the amount you would earn from disability insurance, this is simply because the difference is meant to offset any potential medical expenses. However, you or your health plan must still cover any extra treatment, as a compromise and release arrangement cannot be revived. If you would rather use your own insurance to cover potential medical treatment, then a compromise and release can be your option.
What Is the Amount of Workers’ Comp Settlements?
This is a question almost impossible to answer, as payment rates for workers ‘ compensation differ depending on the type of injuries sustained and the extent of any permanent disability. However, studies found that most settlement sums range between $2000 and $20,000. Certain considerations that can affect the amount of a settlement include the level of legal counsel, whether or not talks are being held, and whether or not a worker wishes to lodge an appeal for more benefits.