If you have a workers’ compensation claim going on, you might be wondering when is the right time to settle the claim. You must understand what you are giving up by settling it. A workers’ comp attorney in Virginia can help you understand your legal benefits in detail and provide you with appropriate guidance.
Following are some information to consider before you make any decision regarding the settlement of your claim:
Determine whether your medical payments will be continued
The rules for workers’ compensation are different everywhere. Sometimes you get medical benefits even after you settle your case. Check with your agency and find out whether or not your medical bills will continue. However, beware that your insurer might tell you that you will be given benefits and then start reducing the amount later.
Understand that you will not receive any more weekly payments
The essential thing that you need to know is that you will not receive any weekly payments after you settle your case. Settling a workers’ compensation claim closes your weekly payments permanently.
You will need approval from the officials.
Your lawyer and insurance company are not the only people who are supposed to settle your case. You will have to attend a hearing where a workers’ compensation agency will review your case and then decide whether to agree to your settlement or not. If the judge believes that you did not get enough money for the settlement, it is possible that your case gets denied.
Estimate the total amount of your benefits
The total amount of your benefits will depend on the level of your injury and disability. If you are not supposed to walk entirely for another year, and both your doctor and your insurer’s doctor agree to this, you will not be given the total amount unless you need the money right now.
Benefits you are likely to receive after the settlement:
- Agreeing to a settlement amount and accepting it can save you the time and hassle you will face later.
- You may continue to receive weekly benefits even after settling your claim, which will be very useful for you.
- There are chances that your insurance company agrees to pay for your possible future medical treatments. For example, if your doctor states that you have chances of getting surgery in the future, your insurer might agree to give you some percent of the money that you will never need.
You must know the pros and cons of accepting the settlement and the best time to do so. Your trusted workers’ compensation lawyer will help you understand the current value of your claim and if it is legally best for your future.