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Although many people who have sustained a severe work-related injury continue to receive workers’ compensation benefits permanently, many claims end with a private settlement agreement. This resolution is not a bad outcome for a workers’ compensation claim or one that could cause you to miss out on compensation. However, before you reach an agreement, you should talk with a skilled legal professional so they can handle the settlement process effectively.
Dealing with workers’ compensation settlements in Bala Cynwyd is one of many capabilities an experienced workers’ compensation attorney can help you handle. From identifying the losses, to ensuring insurance representatives act in good faith, legal counsel can give you a promising result from this unique and often stressful process.
When Should Someone Settle a Workers’ Compensation Claim?
While agreeing to settle a Bala Cynwyd workers’ compensation claim is not always a bad idea, it is also not uncommon for insurance companies to try to start the settlement process prematurely to save money. With relatively few exceptions, injured people seeking workers’ compensation in the state should not agree to conclude their claim with a settlement agreement until their physicians are confident they have reached maximum medical improvement and their overall condition is not likely to change moving forward.
This detail is essential not just for estimating how much money will be needed to cover future losses of work income and overall working capacity but also for making sure the settlement provides enough money to cover all medical treatment the person will need for their disability. Once the settlement concludes, an injured worker cannot ask for more money regardless of the reason. A skilled attorney can help an injured person understand the facts of a case so they can make an informed decision as to their future medical needs before agreeing to settle.
Options for Settling Workers’ Compensation Claims
The more straightforward form of settlement for a workers’ compensation claim in Bala Cynwyd is a lump-sum settlement, which is a one-time payment for the entire remaining value of the claim. The involved parties will negotiate this amount based on the factors mentioned above. This method can work well in situations where an injured worker has reached maximum medical improvement and can accurately estimate what expenses they will accrue because of their disability.
Alternatively, it can be possible to negotiate for a structured settlement where the amount may be paid out based on an agreed-upon schedule over time. This can help ensure that an injured person has money to cover expenses when they arise while avoiding tax problems. Arranging this settlement can be a more complicated process, and assistance from an attorney familiar with these steps can help ensure a settlement amount is fair based on the facts of a case.
Talk to a Bala Cynwyd Attorney About the Workers’ Compensation Settlement Process Today
No two workers’ compensation claims are alike, meaning no two settlements for claims will be the same either. Determining the proper agreement for your unique circumstances can be challenging, and having an experienced attorney on your side can prove invaluable to ensuring you have help with a workers’ compensation settlement in Bala Cynwyd.
Call Lowenthal & Abrams today to discuss your options with a well-practiced legal professional.
