A Workers' Compensation Settlement is a voluntary agreement between an employer (or their insurance carrier) and an injured worker. This agreement provides a predetermined amount of money, either as a lump sum or as an annuity, to cover the injured worker's lost wages, future earnings, and medical expenses for the remainder of their life.
What is a Workers' Compensation Settlement?
A Workers' Compensation Settlement involves a financial agreement to resolve a compensation claim. It is crucial to understand that no party can compel another to settle; it is entirely voluntary. Settling means agreeing to give up all rights under your state's Workers' Compensation Act in exchange for a financial settlement.
Settlement Options
In most jurisdictions, a full and final settlement of all rights under the state Workers’ Compensation Act is an option. However, some states do not permit full and final settlements. The choice to settle is significant and should be approached with careful consideration.
Seeking Professional Guidance
If you are contemplating a settlement, it is highly advisable to seek expert advice. Professionals with experience in settling Workers' Compensation cases can provide valuable guidance to ensure that your rights and future needs are adequately addressed.
Important Considerations
While a settlement can provide financial stability, it requires relinquishing all rights under your state's Workers' Compensation Act. This decision should be informed and well-advised.
