When you are deciding whether you should accept a workers’ comp settlement offer, there are many pros and cons to consider. It helps to have a lawyer with experience so that you can fully understand the offer. Here are a few issues to think about while you make the final decision.
Pro: The Settlement Will End Part or All of Your Case
If your workers’ compensation case has been going on for a while, you may be ready to resolve it. You get tired of fighting with the insurance company for every treatment and benefit. Also, you may have returned to work or reached maximum medical improvement, so you want to move on.
Con: You Give Up Some Rights by Agreeing to the Settlement
The downside of ending your case by settlement is that you give up some legal rights. For example, you have to sign away your right to request future benefits for the same injury. If you reach a partial settlement for a certain type of medical treatment, you must get the treatment specified in the settlement terms. Other treatments may not be covered.
Pro: You Get a Lump Sum of Money or the Treatment You Need
A settlement can provide you with a lump sum of money in your pocket, or you may settle so that you can receive a particular surgery or treatment. You get cash up front or have your medical needs met, and it all happens quickly. If you have financial problems due to the injury, you can pay off some bills and move on.
Con: You May Have Expenses After the Settlement
If you receive a lump sum, that money will run out eventually even if you have future expenses related to the injury. The insurance company has no obligation to pay those future expenses. For people with permanent disabilities or impairments due to workplace injuries, a settlement may simply not be enough. But if you agreed to the payment, you may have little recourse.
That is why it is a very good idea to seek legal advice before accepting a settlement. A lawyer can advise you about the future expenses you might have, whether the settlement is fair, and what you give up by accepting it.
Need help getting workers’ compensation for your injury? Joe Osterbauer, Esq. and the Osterbauer Law Firm stand up for injured Minnesota workers’ rights. Joe’s 27 years of workers’ compensation experience and his team’s speedy service combine to get clients the results they need. To schedule a free consultation, visit Osterbauer Law Firm online or call Joe’s office at (612) 334-3434.