Originally Posted on April 26, 2012
The question of settlement is a tremendously important consideration. Most simply stated, once you settle your workers’ compensation claim and receive a lump sum payment, the insurance company will no longer pay you any benefits of any sort.
We tell our clients that the initial decision to consider settlement is entirely their decision. Once the client decides that it is appropriate to discuss settlement, we schedule a meeting to discuss all of the particulars involved in this evaluation. There are many elements involved and failure to consider all elements is a disservice to the client. That is why it is so vitally important to have an experienced and knowledgeable workers’ compensation attorney on your side.
Are you permanently and totally disabled? Do you have a permanent impairment? Do you have any wage earning capacity? How many weeks of benefits are you entitled to? What is the medical exposure on your claim? Are you receiving Social Security Disability Benefits? Supplemental Security Income? Do you have a Medicare card? Do you need a special needs trust? Do you need a professionally administered medicare set aside allocation? Should you consider settlement of indemnity only? Is the insurance company entitled to any credit for any amounts they have previously paid to you?
Those are just a few of the many details we discuss with our clients. Once we are satisfied that the client is fully informed and ready to proceed, we prepare an in-depth settlement analysis. From that analysis we prepare a settlement demand which is incredibly specific to the client. We have had tremendous success obtaining settlements for our clients. Those results are directly related to the personalized effort we apply in each case.