Understanding How Workers’ Compensation Settlements Work
Dealing with a work injury is physically and emotionally draining. When you are focused on recovery, it can be overwhelming to think about all the things you need to do for a claim. If an opportunity to settle your claim arises, it is worth serious consideration.
For decades, our legal team at Silverman, Silverman & Seligman, P.C., has served the Schenectady community, helping injured New York workers navigate the complexities of their workers’ compensation claims. We want our clients to fully understand all of their options. Our workers’ compensation lawyers are dedicated to protecting your rights and providing you with the support you need.
How Does A Workers’ Compensation Settlement Work?
The workers’ compensation settlement process typically involves a formal agreement between you and your employer’s insurance carrier. In New York, this is often called a Section 32 Waiver Agreement. When you settle your workers’ comp claim, you will either receive a lump-sum payout or a structured series of payments in exchange for closing your case.
Once the parties agree on a fair amount, the New York State Workers’ Compensation Board must approve your settlement. A judge reviews the agreement to ensure it is fair and that you understand the rights you are waiving. It is important to understand that not every case has the option to settle. However, our workers’ compensation lawyers will investigate every claim to determine if a settlement is possible and if it serves your best interests.
What Should You Consider If You Are Thinking About Accepting A Settlement Offer?
While a large payment is attractive, you must weigh the long-term impact and evaluate the potential pitfalls of settling your claim. It can be difficult to know if you should settle your workers’ comp claim. Many people hesitate to settle because they fear losing their medical coverage. If you settle your claim, you generally become responsible for all future medical costs related to your injury.
Consider your medical history carefully. If you were not a surgical candidate 15 years ago, your medical status likely remains the same now. However, if you rely on regular medications or frequent doctor visits, settling might not be your best financial move. We can help you calculate whether the settlement process provides enough funds to cover your future needs. Our goal is to ensure you do not settle a case that should remain open for your protection.
Discuss Your Workers’ Comp Settlement Offer
The decisions you make today will affect your health and financial stability for years to come. Our workers’ comp attorneys can help you understand your options. We can help you evaluate every offer you receive and develop a strategy to protect your future and maximize your recovery.
The Silverman, Silverman & Seligman, P.C., offers free initial consultations and case evaluations for injured workers. You do not have to face the insurance companies alone. Please call us at 518-631-4521 or send a message through our website to schedule your appointment. We are ready to help you move forward.