I GOT HURT AT WORK: WILL I GET A SETTLEMENT?
Steven Schwartzapfel -Founding Partner
For more than 35 years, Steven Schwartzapfel, the founding member of Schwartzapfel Lawyers P.C., has been one of New York’s most prominent personal injury attorneys. Steve represents clients in all types of personal injury cases. His experience, skill, and dedication have enabled Schwartzapfel Lawyers P.C. to recover hundreds of millions of dollars for their clients.
In New York State, workers who are injured on the job or while in the performance of job-related duties may be eligible for workers’ compensation benefits. That said, those benefits may not be enough to cover all accident-related medical bills and expenses. This is why if you or a loved one suffers a work-related injury, you may wish to pursue the matter further, which may ultimately lead to a favorable settlement.
But how can you know if you will receive a settlement after being injured at work? Moreover, what’s the difference between workers’ compensation and a settlement?
Read on for the answers to these questions and more. Alternatively, you can contact Schwartzapfel Lawyers today at 1-866-964-3836 for more information, advice, and legal insights.
WHAT IS A WORKERS’ COMPENSATION SETTLEMENT?
A workers’ compensation settlement is a final agreement between an injured employee, their employer, and the employer’s insurance company.
In a workers’ compensation settlement, an employer’s insurance company may pay a final monetary award to the injured employee in exchange for being released from future legal liability for medical benefits and any weekly payments. For instance, an injured construction worker might seek a settlement in order to cover the medical cost associated with injuries to their legs after a fall from a scaffold. Once the settlement is finalized, the insurance company will then pay the worker a lump sum, but the injured worker will have to pay for all future medical bills from that settlement. At this point, the insurance company will be released from having to provide any further financial assistance as it relates to the worker’s medical bills, rehabilitative costs, and any lost income.
HOW IS A WORKERS’ COMPENSATION SETTLEMENT DIFFERENT FROM WORKERS’ COMPENSATION BENEFITS?
With workers’ comp benefits, the insurance company will pay for medical benefits (surgeries, physical therapy, diagnostic testing, etc.) from a licensed medical provider authorized to treat workers’ compensation patients. The carrier will also pay weekly benefits if it is found that the worker is out of work due to the injury.
With a workers’ comp settlement, the carrier is offering a one-time lump sum settlement to the worker and will not cover any future medical benefits or issue any weekly checks. The worker will have to cover all medical costs out of this settlement. There is an option for an Indemnity Only Settlement where the carrier will continue to cover medical costs related to the claim but will issue the worker a lump sum settlement and no longer be responsible for weekly checks.
WHEN MIGHT YOU GET A WORKERS’ COMPENSATION SETTLEMENT?
You might qualify for a workers’ compensation settlement if injured on the job, similarly to when you qualify for ongoing or regular workers’ compensation benefits. In some cases, the insurance company may present a settlement to you upfront.
For instance, if you broke your finger, resulting in medical bills totaling $500, the insurance company might offer a settlement to accelerate the process and avoid liability for a one time lump sum payment. It is very important to understand that settling your claim comes with a lifetime of consequences. You become liable for all medical treatment relating to the injury and will not be paid should you lose time from work as a result of the injury.
To learn more now, call us at 1-866-964-3836 or schedule your free consultation online. After speaking with one of our experienced workers’ comp attorneys, we are confident that you will walk away feeling less stressed and more optimistic about the future.
When Do Insurance Companies Offer Settlements?
Generally, workers’ compensation insurance companies offer settlements when they want to limit their damages and avoid future liability.
In other cases, insurance companies may offer settlements if they believe ongoing workers’ compensation benefits will cost them more in the long run than a one-time, lump-sum payment. With all this in mind, it should come as no surprise how tough it can be knowing whether an offered settlement is the right course of action without first consulting knowledgeable workers’ comp attorneys. To avoid this pitfall, call Schwartzapfel Lawyers today at 1-866-964-3836!
Are Workers’ Comp Settlements Final?
When you settle with a workers’ compensation insurance company, you will not be able to file a claim for additional benefits concerning the same injury.
For example, say that you broke your arm at work and are now seeking a settlement for damages. If the insurance company agrees to your terms, you will subsequently be cut off from receiving additional money and/or benefits from that insurance company for your broken arm.
If you discover that your arm requires extensive physical therapy after the fact, you will have to pay for said services out of pocket.
WHEN IS A WORKERS’ COMPENSATION SETTLEMENT IDEAL?
A workers’ compensation settlement can be beneficial for the worker in certain cases. If the worker is receiving weekly checks as the result of a back or neck injury and has an opportunity to work a light duty job, it may be beneficial to take a lump sum payment. Moreover, as it can be difficult to know what you will give up when you settle with a workers’ compensation insurance company, you shouldn’t make the decision without consulting with an experienced lawyer.
The right lawyer can look at the facts of your case, estimate how much income you can expect from future workers’ comp benefits, and advise you one way or the other on whether you should accept an insurance company’s settlement offer. As well, a skilled lawyer will be able to respond to the insurance company’s initial offer by way of a counteroffer that, successfully negotiated, will likely secure you more money than you would have received otherwise.
CONTACT SCHWARTZAPFEL LAWYERS TODAY
Each workers’ comp case is different, and each workers’ circumstances can impact whether they should accept workers’ compensation benefits at face value or seek out a settlement from the insurance company. Here, qualified workers’ compensation lawyers can provide you with important information and advice to ensure you make the best decision for your family and your health.
Over the years, Schwartzapfel Lawyers has aided thousands of New Yorkers just like you in recovering the money and benefits they needed to be made whole again. With our wealth of experience, we can help you determine the best choice of action for your situation – legally, financially, physically, and emotionally.
Contact us today for a free consultation and so much more at 1-866-964-3836! Alternatively, you can visit us online.
But you shouldn’t wait, as your window to file a claim may soon close forever. To keep this from happening, you’ll want to act now. Why? Because your future is worth it.
DISCLAIMER: Nothing on this page should be considered legal advice. You should seek the appropriate counsel your situation requires. For more information, call 1-866-964-3836 now!
Sources:
Schwartzapfel Lawyers, P.C. | Fighting For You
What is workers’ compensation? – CWCS | NIOSH | CDC
What is Workers’ Compensation? | New York Workers’ Compensation Board
Workers’ Compensation: What It Is, How It Works, and Who Pays | Investopedia