Insurance companies may prefer to offer a settlement in some workers’ compensation claims rather than pay for ongoing benefits.
When deciding whether or not to settle a case, it's crucial to understand what you're giving up in exchange for an up-front payment.
When You Accept a Workers' Comp Settlement, Here's What Changes
Settling may seem like an easy option for both a claimant and a workers’ compensation insurer, since all of the money owed in your claim is paid immediately. Accepting a workers' compensation settlement provides a large lump-sum payment from the insurer, but it also means the loss of your:
- Weekly benefits. All weekly payments, including wage loss benefits, are terminated after settling a workers’ compensation case. Individuals may also lose their vocational rehabilitation benefits if they're transitioning to different employment.
- Medical payments. The majority of Florida workers’ compensation settlements prevent claimants from filing any future claims for injuries suffered while working for the employer, including those that haven't been identified at the time of settlement.
- Right to future payment. Settling means giving up the right to future workers’ compensation benefits for your injury, so it's vital that your settlement is enough to last for the rest of your life. Unlike personal injury settlements, workers’ compensation settlements don't offer payment for pain and suffering, resulting in lower overall damages. Additionally, the judge in your case cannot require the insurance company to pay more to settle a case, nor force either party to accept a settlement.
You should consider the amount of your workers’ compensation settlement extremely carefully before you accept an offer.
Our Florida work injury attorneys can help you calculate the full amount of your potential benefits in order to get maximum compensation for your on-the-job injury. Simply fill out the quick contact form on this page today to schedule a consultation at no cost to you.