Factors to Consider When Evaluating a Workers’ Comp Settlement Offer

While workers’ compensation is a program that’s meant to benefit both workers and employers, there comes a point when the workers’ comp insurance provider would rather close out the claim and get it off of their books. When this happens, they may reach out to you to negotiate a settlement offer.

This is a matter to handle delicately with the help of a workers’ compensation attorney. Insurance companies are very good at hiding their real numbers and reasoning, which they often do in the hopes of getting an injured worker to take an unfair settlement amount. If you’re going to give up rights to ongoing treatment and income replacement, you have to make sure the deal suits you.

Find out how Thiry & Caddell can help you as you fight for the workers’ compensation you are owed. Call us at 251-478-8880 to schedule a consultation now.

Your Injury’s Prognosis and Improvement

Workers’ comp benefits don’t typically end until an employee reaches MMI, also known as maximum medical improvement. This is the point at which you can’t expect any further healing or improvement from your injury. It’s not usually wise to accept a settlement before you have reached maximum medical improvement, as it’s impossible to know how much more your injury will heal or how much care you’ll need to get there.

How Long the Settlement Would Replace Your Workers’ Comp Earnings

With a few calculations, you can figure out how long your settlement offer would replace your partial income replacement from workers’ compensation. If your injury has left you permanently disabled, you should consider carefully what would be an acceptable settlement offer. Look at the numbers with your attorney to figure out if the settlement offer is fair or not.

Ongoing Health Issues That Require Additional Care

If your injury has reached maximum medical improvement, you may no longer need ongoing care. However, your work injury may have set off other health issues that are likely to pop up again. If this is an issue, talk to your attorney about it before you consider a settlement offer. You may need a settlement amount that compensates you for future care needs.

How the Settlement Will Affect Ongoing Litigation

A settlement offer often comes when you and your employer or insurance company are in the midst of a legal battle. A settlement can save both parties time and legal fees. On top of that, it can also make it easier to sever the relationship between the employee and employer, allowing for a clean break.

Make sure you consider what you stand to gain if you litigate and what your chances of prevailing are if you go the legal route. If the settlement is significantly lower than you would get if you tried the case, it may not be worth considering. A fair settlement should consider the possibility that you could recover a lot more if you continue with legal action.

Closure and Peace of Mind

For many people, the biggest benefit of a workers’ compensation settlement is the peace of mind they get once they get that lump sum amount. You might get more over the long haul with ongoing workers’ compensation payments, but there’s always the risk that something will go wrong down the road and the payments will stop. This would leave you in the position of having to reconnect with your attorney and fight to have your benefits reinstated.

On the flip side, once you have your settlement check, you don’t have any further reason to have any contact with the insurance company. You can close that chapter of your life and move on. This may be particularly beneficial for you if your workers’ compensation insurance company has been extremely slow to pay out claims, has rejected your claim multiple times, or has otherwise given the impression that they will not be easy to work with.

Discuss Your Workers’ Comp Claim with Thiry & Caddell

Workers’ compensation is a right you enjoy as an employee, but too many employers make it difficult to get the benefits you deserve. At Thiry & Caddell, we help injured workers get the compensation they are due. Schedule a consultation with our team now by getting in touch online or calling us at 251-478-8880.