Workers’ compensation settlements have several advantages. Agreeing to one will save you time, reduce anxiety, and prevent the hassle of going through a court trial. Though it rarely happens, there’s also the possibility of a judge deciding you’ll get less money than what was initially offered in a settlement. Additionally, some states don’t allow lump-sum payments after a victim wins the trial, meaning that payments are given weekly for several years. 

So, how do you get a good settlement in a workers’ compensation case? Find out the answer to this question and learn more about what makes a good settlement offer by reading below. 

Seek Medical Attention Immediately

Substantial evidence is crucial in proving any personal injury case, whether you had a slip or fall accident, contracted a disease related to your workplace, or lost a limb from handling machinery. To increase your chances of getting maximum compensation, you have to seek medical attention right away. Aside from getting prompt treatment to avoid any health complications, it’s one way to establish good evidence for your claim. 

It’s also important to preserve all possible evidence, such as photos, CCTV videos, medical records, and witness interviews. It will ensure that your personal injury claim is well-supported or backed by strong evidence.

Hire A Good Workers’ Compensation Lawyer

Injured Workers Law Firm explains that an insurance company may want to settle your claim as quickly and as cheaply as possible. They might agree to pay you the amount specified on the workers’ compensation benefit depending on your condition, but in exchange for giving up your legal right to future benefits or filing a case. 

For instance, if a surgeon says that you have a 20 percent chance of requiring leg surgery in the future, you as an injured worker can demand the insurance company to pay a portion of the surgery expenses. Even if you don’t end up undergoing surgery in the future, you can still get ahead financially. Of course, you need to hire a good workers’ compensation lawyer to ensure you’re getting a fair settlement offer. They will help you with the following: 

• Determine the just amount of workers’ compensation settlement offer you truly deserve for your damages. 
• The insurance company will be more convinced to provide a higher amount of settlement. This is because you have an expert lawyer who can present substantial evidence and arguments, as well as negotiate until you obtain a fair amount. 

Determine The Amount To Settle 

With the help of your personal injury lawyer, determining the amount of settlement means considering the severity of your current medical condition, including any restrictions when it comes to your capability to go back to work, among others.

Consider what type of benefit must be included as part of your workers’ compensation settlement, such as the following:

• Medical Treatment: This includes payment for unpaid bills for medical treatment for both past and future medical costs (usually a lump-sum payment). 

• Permanent Partial Disability: If an injured worker lost a body part, was amputated, or becomes limited in the performance of their work such as not being able to lift anything more than 30 pounds, they may receive permanent disability benefits. 

• Permanent Total Disability: An injured worker may receive permanent disability payments and a life pension. The calculations for a permanent total disability benefit can be complicated, requiring a workers’ compensation lawyer.

• Past-Due Temporary Disability: Your settlement must include any past due balance that the insurance company did not pay for wage loss or temporary disability benefits during recovery. 

Consider A Structured Settlement

A structured settlement refers to a financial agreement wherein an injured worker agrees to receive a series of periodic payments over a set period to settle any legal obligation, such as a workers’ compensation claim. This agreement may extend over the person’s lifetime, depending on the case. 

Here are some good-to-know facts about structured settlements:

• You and your lawyer can discuss the possibility of accepting a structured settlement, wherein payments can be fixed or flexible depending on your financial needs. 
• An initial lump-sum payment to cover housing and transportation needs and as a future sum of money for the college tuition of the employee’s children can be included, in addition to weekly, bi-weekly, or monthly payments. 
• Injured employees who are receiving periodic structured settlement payments don’t pay income taxes under the Internal Revenue Code Section 104(a)(1) provisions. 

Conclusion 

Eliminate your financial concerns by agreeing to a good settlement offer. Seek medical attention right away to get your injury treated and fully documented, which serves as strong evidence for your claim. A structured settlement can be considered for an injured employee to receive both lump-sum or initial and periodic payments at a good fixed rate.