Workers’ Compensation Settlements in Greenville
An injured worker may decide to settle a Greenville workers’ compensation case for any number of reasons. In some cases, the worker may need a lump sum payment to pay off certain bills. In other cases, the worker may want to avoid going to a workers’ compensation hearing.
An experienced lawyer can review all of your legal options when it comes to workers’ compensation settlements in Greenville and help you make an informed decision. Call a skilled employee benefits attorney right away.
What is a Compromised Settlement?
In some cases, an injured worker may agree to a compromised settlement of their Greenville workers’ compensation claim. This settlement usually happens by way of a full and final settlement agreement.
A full and final settlement agreement typically provides for a lump sum payment made to the injured worker, in exchange for the worker closing out their workers’ compensation case. Once the worker reaches a full and final settlement agreement, the case is closed and they cannot ordinarily reopen it. This is true even if the worker’s injury or condition worsens over time.
As an alternative to a lump sum payment, some insurance companies may agree to award the payment in installments. This payment arrangement is called a structured settlement agreement. These agreements are more common in cases where the injured worker becomes totally disabled and requires long-term or lifetime care.
Commonly Used Forms in a Compensation Settlement
With a Form 26A settlement agreement, the employer’s insurance company agrees to pay the injured worker the full value of their permanency rating. However, the insurance company makes these payments via installment over a number of weeks. The injured worker, however, gives up their right to recover benefits for permanent disability at any time in the future.
A From 21 settlement agreement is almost identical to a Form 26A agreement. However, the purpose of a Form 21 settlement agreement is to resolve a temporary disability benefit claim.
Form 26A and Form 21 settlement agreements, unlike full and final workers’ compensation settlements in Greenville, do not settle an injured worker’s claim indefinitely. The worker may continue to recover medical benefits for up to two years after their last date of compensation. They can also make a request for further medical treatment under certain circumstances.
Total Value of a Greenville Workers’ Compensation Settlement
The total value of a Greenville workers’ compensation settlement depends upon a variety of factors. Those factors can include the total amount of benefits a worker receives from their claim, the extent of permanency, and the body part(s) to which the worker sustained a permanent injury.
When it comes to valuing a claim, the injured worker must also consider potential “deductions” from their final settlement check. Those deductions may include medical bills, unpaid amount of child support, and Medicare set-asides.
In some cases, settling a workers’ compensation case is to the injured worker’s benefit. In other cases, however, the injured worker is better off keeping their workers’ compensation case open. A skilled attorney can review the circumstances surrounding your workplace accident and help you determine whether workers’ compensation settlements in Greenville may potentially be advantageous to you.