There are many reasons why an injured worker might be interested in settling a worker's compensation claim. Possible settlement situations might include:
- When it is becoming increasingly difficult to secure further compensation, medical treatment or other benefits.
- When the injured worker is contemplating retirement or moving out of state, or is experiencing serious illness or advanced age. Settlement may provide an injured worker with some claim money in all of these situations. Generally, no benefits can be paid to the injured worker's family after death.
- When injured workers who are collecting permanent total disability want to reduce annuity payments to cash.
There are also a variety of circumstances in which settlement may not be appropriate. Remember, a settlement is full and final, which means that once the claim is settled you are no longer eligible for any compensation or medical benefits from your workers' compensation claim.
If you have an existing workers' compensation claim and you are considering settlement, please contact us for a free consultation to help you identify the pros and cons of your specific situation.
