When you’ve suffered a work-related injury, waiting for a workers’ compensation hearing can cause a large amount of stress and anxiety. This can make a quick settlement seem more appealing than a hearing. Before taking insurance company settlement, here are a few things you should know.
Your Settlement Is Often Issued Quickly.
You may have to wait weeks or months before getting a workers’ compensation hearing. An insurance company can offer a settlement and issue you the sum within a much shorter amount of time – sometimes days. This is helpful if you are facing large unpaid medical bills or are behind on other payments.
Your Settlement Should Cover Past and Present Expenses.
Depending on your injury, you may or may not face future surgeries or treatments. When considering a settlement, make sure to consider all past and future bills. You should also consider the cost of negotiation itself. Although you won’t necessarily need to pay taxes on the amount, you should make sure the amount accounts for:
- Your unpaid medical bills
- Your unpaid child support
- Your future medication
- Your future medical bills
- Your future lost wages and expenses
- Your legal costs
Your Settlement Will Come in a Lump Sum.
Unlike a court-ordered amount, which is issued weekly for a certain amount of time, an insurance company will give you a settlement in a lump sum. Although this can be helpful when paying off previous debts, some people find it difficult to manage in the long run. Although the amount should ideally be used for medical and living expenses affected by your injury, some people find it difficult to manage and end up spending it all.
Your Settlement Is Final.
The amount mandated by the court can be adjusted, lengthened or shortened based on your injury or disability. If you find that you are in need of surgery or expensive medical treatment, you may be able to make a case for the insurance company to pay for it.
Depending on your state of residence, taking a settlement could mean relinquishing any claim you may have to available funds in the future. In Virginia, you cannot request that the insurance company pay for your treatment if you have previously taken a settlement.
Before Settling, Contact Our Workers’ Compensation Attorneys – (804) 823-2050
Insurance companies want to pay the least amount of money possible for your injury claim. They often try to pressure or push for a lump sum because it will likely cost them less overall. Don’t let them take advantage of you. Contact our Richmond workers’ compensation lawyers at Harbison & Kavanagh. With over 40 years of experience, our attorneys can analyze the details of your case and help determine if the settlement offered is a good option for you. We can also help negotiate the terms of long-term compensation.
You deserve fair and proper compensation. Contact Harbison & Kavanagh today to schedule a free one-hour consultation with our Richmond lawyers – (804) 823-2050.