Workers’ compensation claims do not have an expiration date set by state law. So, it is not impossible to continue receiving benefits indefinitely if a work-related injury or illness leaves you permanently disabled. However, workers’ compensation insurance providers prefer to handle claims of this nature by negotiating with the injured claimant for a settlement that will grant them an agreed-upon amount of compensation in exchange for permanently closing their claim.
Workers’ compensation settlements in Pace can be a sustainable and fair way to get the long-term benefits you need. That said, you shouldn’t accept a settlement offer without first retaining a skilled workers’ comp lawyer from Emmanuel Sheppard & Condon. Otherwise, you may find yourself stonewalled by insurance adjusters who want to protect their employer’s profits at your expense.
How Are Workers’ Comp Settlements Typically Structured?
The vast majority of workers’ comp settlements in Pace take the form of either a “full and final release” or a “partial release,” the former of which is much more common than the latter. A “full and final release” settlement irreversibly closes a workers’ comp claim and ends any obligation for an insurance provider to continue paying out benefits. A “partial release” settlement still effectively ends the claim but includes terms requiring the insurance company to continue paying certain benefits.
Either type of settlement can include an agreement that the insurance company will pay the injured claimant a specific amount of money as either a “lump sum” or a “structured settlement.” Once again, the former is more common since it is just a straightforward single payment made once the settlement agreement is formalized. However, people who have suffered permanent and debilitating injuries through a workplace accident may be better served by receiving structured payouts of a pre-determined value on a pre-determined schedule.
What to Consider When Settling a Workers’ Comp Claim
Regardless of which specific terms a workers’ comp settlement in Pace ends up having, it is important to remember from start to finish of the settlement negotiation process that agreeing to a settlement will almost always permanently end your claim. That means that if you accept a settlement and your condition worsens afterward, you cannot go back and ask for more money to cover additional medical bills and lost working capacity.
Because of this, it is almost always best to wait until you have reached maximum medical improvement as determined by your doctors before you ever start to negotiate with your insurance provider for a settlement. You should also have a comprehensive picture of what medical treatment and other forms of support you will need for decades to come—something a seasoned workers’ comp lawyer can provide invaluable assistance with compiling.
Get Help from a Pace Attorney With the Workers’ Compensation Settlement Process
Settling a workers’ comp claim is a big decision, and it is never one you should make without considering your unique circumstances from every angle and having a complete idea of what you need to cover your specific losses. With that in mind, going into settlement negotiations without support from a capable legal professional is never a good idea—especially if your work-related injury or illness has left you permanently disabled.
Our dedicated lawyers at Emmanuel Sheppard & Condon know how to handle workers’ compensation settlements in Pace in the most proactive and effective ways possible. Call today to learn more.
