Here are three reasons to settle your case:
1. Financial Freedom
When a claim is fully and finally settled, you typically receive a lump-sum payment for lost wages rather than weekly payments and a separate lump sum to cover future medical expenses. Often, the medical portion is placed into a Medicare Set Aside (MSA) or another type of future medical account. Depending on your jurisdiction, additional categories of compensation may also be included in the settlement.
Receiving a large sum all at once can offer a sense of financial freedom. However, it also comes with risks. Tools like structured settlements and services like CareGuard can help protect your funds, ensure they’re used appropriately, and preserve access to important public benefits.
2. Minimize Insurance Company Disputes
Settling a claim can reduce friction with the insurance company over what treatments are necessary. In some cases, it may even open the door to care that was previously denied, offering greater flexibility and control.
This ties into a major reason many people choose to settle: eliminating uncertainty. What if the insurer denies treatment? What if you lose at a hearing? Settlement removes those “what-ifs” and gives you clarity and control over your future care.
That said, flexibility isn’t always guaranteed. For example, if a Medicare Set Aside (MSA) is involved, treatment must be directly related to the covered injury and approved by Medicare. Similarly, while some settlement funds can be used at your discretion, others must be spent in very specific ways. Understanding these nuances is key to making informed decisions about your care and your future.
3. Gain Control Over Treatment Decisions
Settlement can give you the ability to choose your own doctors and treatment approach. No more waiting for insurer approval.
However, it’s important to note that in many jurisdictions, injured workers already have some ability to choose their providers, though often with limitations. In fact, more than half of U.S. states allow for some level of provider choice. So, while settlement can enhance autonomy, the degree of change may vary depending on where you live.
I'm on Medicare. How Will Settling My Workers’ Comp Case Affect My Medicare Benefits?
Settling your workers’ compensation case while on Medicare introduces important compliance requirements that must be carefully managed. When your settlement includes future medical expenses, Medicare requires that Medicare Set Aside (MSA) funds be used first before Medicare will pay for injury-related treatment. These funds must be tracked and reported to Medicare, with detailed documentation and regular updates. Improper handling of these funds can jeopardize your Medicare benefits—sometimes permanently.
To help navigate these complexities, Ametros offers a Benefits Advisory service that evaluates how your settlement may impact government benefits like Medicare, Medicaid, SSDI, and others. This service helps ensure your settlement is structured in a way that protects your eligibility and compliance, giving you peace of mind and long-term security.
Savings, Support, and Security After Settlement
CareGuard is a leading professional administration service that helps manage your future medical funds following a workers' compensation or liability settlement. Our goal is to make your post-settlement life easier by saving you money on doctor's visits, prescriptions, medical equipment, and more, all while coordinating your care. With CareGuard, you’ll never deal with a medical bill alone, and our experts will manage any necessary Medicare Set Aside reporting on your behalf.
