SETTLEMENTS AND OTHER LUMP SUM BENEFITS
Whether your Virginia workers compensation case is contested or uncontested, there may come a time when it is in your best interest to settle your workers’ compensation claim.
4 Reasons Why You May Desire to Settle:
- It can be risky, expensive, and time-consuming. If a hearing does not end in your favor, you could receive nothing or if your case is appealed, your benefits could be tied up while your case winds its way through the appeals process
- No More Workers Compensation Insurance Company
- When you settle your worker’s compensation claim in Virginia, the case is essentially closed. That means no more talking to the insurance company or waiting for pre-authorization for medical care or medications, waiting for weekly lost wage checks, or dealing with the Adjuster or Nurse Case Manager. This can be a huge relief to a lot of folks we help settle their claim.
- Manage Your Own Medical Care
- When a settlement is reached and you are no longer receiving medical care under the workers compensation system, you are free to see a doctor of your choosing and you have much more freedom to change doctors and seek the physician or medical treatment plan that you feel most comfortable with.
- Receive a Lump Sum
- The Virginia workers comp system can put a strain on your finances, in some cases, the lump sum offered in a settlement can have a very positive impact on you or your family.
It’s very important to know that neither you nor the insurance carrier can force the other side to accept a settlement.
All settlements must be approved by the Virginia Workers’ Compensation Commission and the Commission will only approve a settlement if it’s in their opinion that it is in the best interest of the employee.
I would always advise consulting with an attorney to see whether you should have an attorney help you evaluate your case and to negotiate a good settlement. When you negotiate a settlement, you are giving up all your rights to future lost wages and future medical benefits, so it is a very serious decision that needs to be looked at from various points of view to make sure that you are making the right decision.
If you are considering a settlement or if you would like to pursue a settlement there are many things to consider including your need for future medical care and your entitlement to any future lost wages. Also, you would need to consider if Social Security, Medicare, Medicaid, or Child Support may have any liens on your settlement. These are all things that you would want to discuss with your lawyer at length prior to accepting any settlement offer to ensure that you receive the maximum value for your case and ensure your settlement is protected.
If you want to discuss a settlement you have received or if you are interested in pursuing a settlement, contact my office today and my team would be happy to assist you! 804-755-7755
About the Author: Injured Workers Law Firm
The Injured Workers Law Firm is a Richmond, Virginia based firm solely focused on serving clients with workers' compensation claims in Virginia. If you have questions about your benefits or if you would like more information on the Virginia Workers’ Compensation system, order our book, “The Ultimate Guide to Workers’ Compensation in Virginia” , or call our office today (804) 755-7755.