Before accepting any settlement offer, contact the Law Office of James M. Hoffmann so you understand your rights and ensure you receive full compensation.
If you’ve been injured on the job in Missouri, you may receive a workers’ compensation settlement offer from the insurance company. While the prospect of receiving a lump sum payment can be tempting, especially when medical bills are piling up, it’s crucial to carefully evaluate whether accepting the settlement is in your best interest.
Understanding Workers’ Compensation Settlements
A workers’ compensation settlement is a formal agreement between you and the insurance company to resolve your claim. By accepting a settlement, you typically give up your right to future benefits in exchange for a lump sum payment. There are two main types of settlements in Missouri:
- Compromise Settlements – These settlements are used when there’s a dispute about your claim, such as disagreement over the extent of your injury or whether it’s work-related. Both parties compromise to reach an agreement rather than going through litigation.
- Commutation of Benefits – This type of settlement occurs when there’s no dispute about your claim, but you prefer to receive future benefits as a lump sum rather than weekly payments.
Red Flags: When to Be Cautious
Be wary of accepting a settlement if:
- The insurance company is pressuring you to decide quickly
- You haven’t reached maximum medical improvement
- The offer doesn’t account for future medical expenses
- You haven’t consulted with an attorney
- The settlement amount seems low compared to your ongoing needs
- You’re unsure about your long-term prognosis
Steps Before Accepting a Settlement
- Get a complete medical evaluation and prognosis
- Document all current and projected medical expenses
- Calculate total lost wages and future earning capacity
- Consult with an experienced workers’ compensation attorney
- Consider the impact on other benefits (Social Security, Medicare, etc.)
- Ensure all settlement terms are in writing
- Understand what rights you’re giving up
Making Your Decision
The decision to accept a workers’ compensation settlement is highly personal and depends on your specific circumstances. Consider:
- Your financial needs and obligations
- Your medical prognosis and future treatment needs
- Your employment prospects
- Your comfort level with giving up future claims
- The strength of your case if you decide to litigate
Contact a St. Louis Workers’ Compensation Attorney
Accepting a workers’ compensation settlement is a significant decision that can affect your financial and medical well-being for years to come. While a lump sum payment might seem attractive, it’s essential to carefully evaluate whether the settlement adequately compensates you for your injury and protects your future interests.
Before accepting any settlement offer, consult an experienced workers’ compensation attorney at the Law Office of James M. Hoffmann, who can help you understand your rights and ensure you receive fair compensation for your work-related injury.