Should You Settle a Workers Compensation Case - What's at Stake?

Written by on 10/19/2016 3:05 AM in , , , . It has 0 Comments.

 

Looking to avoid a lengthy workman's comp insurance trial? You may be considering worker’s comp settlement as an option. An important decision, discussing the pros and cons of settlement with a trusted workmen’s comp advisor is essential to making the right decision, as each case is unique.

Why settle?
Most workers choose to settle after weighing their options and deciding monies received in a settlement are enough to make them worry about potentially losing those funds in a hearing. A possible gamble, expert advisement is necessary to predict your chances of hearing success and if settlement is advisable. Considering waiting out a hearing? Remember, the judge alone has the power to determine worker’s comp benefits, awarding benefits owed to the worker to-date, then as ongoing weekly benefits until an event occurs that results in their termination.

Settlement types:

• To-date:
To-date settlements mean future claims can be brought forth unless limited by settlement terms. These are typically instituted in limited claims or when the insurer didn’t cover a few bills.

• Full, final and complete:
Most often used in denied claims, full, final and complete settlements typically involve a claim with multiple disputed issues or in instances where workers cannot return to work for the date-of-injury employer again.

• Medical-open:
Future claims for medical treatment may be sought (though not all may be covered).

• Medical-closed:
Part of the settlement funds are allocated for future medical treatment.

Settlement timetables
After the reviewing judge issues an award, the employer/insurer has 14 days to issue payment.

Not sure if a workman's comp insurance claim settlement is right for you? Trust in the expert advice of Minnesota Comp Advisor. Contact us today.

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