Before you sign the dotted line on the settlement, here are 4 very important questions to ask yourself.
Apart from the medical treatment and lost wages benefits, your workerโs comp case may also end with a settlement. This is an additional perk usually given out when the injured worker is facing long-term repercussions of their work injury, either permanent or temporary.
However, before you sign the dotted line on the settlement, here are 4 very important questions to ask yourself.
1. How Much Are You Entitled to (and How Did the Insurance Company Determine Your Settlement Amount)?
The insurance company will likely come with a number for a lump sum payment, though in some cases you may also receive recurring payments. Companies usually go for a lump sum because this way they can pay the injured worker and move on from the case.
You should question how much they are offering you. Insurance companies arenโt generous by nature, and you need to make sure that settlement accounts for:
- Unpaid medical bills
- Future treatments youโll need
- Overdue disability benefits
With future treatments especially, these costs have to be estimated, and itโs likely that the insurance company will offer the bare minimum in their initial settlement.
2. Why Is the Processed Being Rushed?
You may feel like the insurance company is pressuring you to sign the settlement agreement as if there is a fixed deadline on it. This is a common tactic adjusters use to convince injured workers to accept low-ball settlements.
The truth is, there is no deadline, apart from the one they tell you. They may say that if you donโt sign the settlement quickly, then youโll have to re-negotiate, in which case youโll get less. Of course, thatโs just their claim, and itโs not exactly true.
3. Did I Finish My Medical Treatment?
Itโs better to start discussing a settlement when youโve finished your medical treatment, or your condition is at least stable. Once you sign the settlement, the insurance company is generally no longer responsible for covering any future bills related to medical treatment.
So if your condition gets worse, you will not receive any reimbursements for medical expenses, and youโll have to use your settlement money to cover them.
4. Do I Need to Talk to a Lawyer?
Itโs best to discuss your settlement with a St. Louis workerโs compensation lawyer before accepting the settlement of the insurance company, even if you havenโt discussed your case with a lawyer prior to this.
There are a lot of different elements a workerโs comp settlement needs to include, and as described above, some of them need to be estimated. And thatโs usually done through a process of negotiation.
A lawyer can help you ensure your settlement accounts for all the future costs relating to your condition that legally must be covered by the insurance company. To ensure you donโt get the short end of the stick, discuss your claim with an experienced attorney as soon as possible after a work-related injury.