Deciding whether to settle your workers’ compensation case is a significant legal and financial decision that should be approached carefully. Settlements can offer advantages, such as a lump-sum payout and closure of your claim, but they may also involve waiving your right to future medical or wage replacement benefits. Because each case is unique, and settlement terms can have lasting implications, it is essential to consult with an experienced Florida workers’ compensation attorney.
The attorneys at the Berlin Law Firm are dedicated to helping injured workers across Florida and have offices in Sarasota and Tampa to settle workers’ comp claims on the most favorable terms and for the largest available payouts.
Insurance companies are motivated by profit and are incentivized to underestimate your claim.
You need legal representatives fighting on your side who can calculate the true value of your claim and hold insurers accountable. Schedule a free consultation today.
Top Things to Know About Insurance Settlement Offers
- Your adjuster wants to close your case as quickly as possible, and for the smallest value.
- Insurance companies employ a multitude of tactics to deny, delay and/or minimize your settlement value to reduce the impact of your claim on their bottom line.
- Most settlements waive the right to reopen the case, receive further medical care and seek future lost wages.
- Unless your injury is relatively minor, seeking legal expertise, such as that offered by Berlin Law Firm, will more than likely improve the outcome of your workers’ compensation claim.
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Key Considerations When Evaluating a Settlement Offer
Determining whether to accept a workers’ compensation settlement requires carefully reviewing the specific circumstances of the accident and the injured worker’s medical condition.
Several key factors can help guide this decision before finalizing any agreement:
Your Medical Needs
Accepting a workers’ compensation settlement often involves a lump sum payment intended to cover anticipated medical expenses and lost wages. It may be appropriate for minor injuries with a clear prognosis. For severe injuries, it’s critical that the settlement fully reflects long-term medical costs and potential diminished earning capacity.
While a settlement offers certainty by specifying the exact amount of compensation, it also typically requires waiving the right to seek additional benefits, even if the medical condition later worsens.
On the other hand, choosing not to settle allows continued access to medical treatment under the Florida workers’ compensation system, provided the treatment remains medically necessary.
Your Age and Work Status
Younger workers with serious injuries should consider the potential long-term impact of a settlement, including decades of possible medical expenses and diminished earning capacity. Any settlement should reflect these extended future needs. In contrast, individuals nearing retirement may find a settlement to be a practical option that offers financial resolution and closure.
Choosing not to settle preserves access to ongoing benefits, such as medical care and wage replacement, particularly for those not yet ready to retire. It’s important to note that those benefits, within the scope of the original injury are not automatic, the insurance carrier may dispute the necessity, argue the treatment is unrelated, or the injury no longer requires compensation.
Impact on Other Benefits
A workers’ compensation settlement can affect eligibility for other benefits, such as Social Security Disability Insurance (SSDI) or Medicare. In some cases, a settlement may reduce SSDI payments due to federal offset rules or require the establishment of a Medicare Set-Aside to preserve future Medicare eligibility.
Planning ahead is essential to avoid unintentionally impacting access to these benefits. Choosing not to settle may help maintain continuity with other federal and state benefits, but the eventual outcome still depends on how the workers’ compensation case is resolved. Carefully coordinating these benefits with legal and financial guidance is strongly advised.
The Fairness of the Settlement Offer
Deciding whether to settle a Florida workers’ compensation claim also depends on the strength of the evidence and the fairness of the settlement offer. As stated, a settlement provides a guaranteed, negotiated outcome. It avoids the uncertainty and potential delays of litigation, but it may result in less compensation than a judge could potentially award.
Continuing the case may lead to greater benefits for claims supported by substantial medical evidence and wage documentation, though there is no guarantee of success.
Finally, every workers’ compensation case must eventually be resolved, either through natural conclusion when benefits are fully paid and no further treatment is needed, through a judicial determination or mutual settlement.
Schedule a Free Consultation
Insurers know that in the immediate aftermath of an injury, many workers are desperate for money to cover medical bills and basic living expenses. They’ll try to take advantage of this by getting you to accept a lowball settlement offer.
A Florida workers’ compensation lawyer can negotiate on your behalf so that you can focus 100% on your health and recovery. We’re familiar with all the insurance companies’ negotiating tactics and will not settle for anything less than what you rightfully deserve. Schedule a free consultation today.
Discuss Your Work Injury Claim for Free
Learn the types of compensation you may be eligible for and have your questions answered. Call today.
