Workers’ Compensation Settlements in Lakewood
If you were denied workers’ compensation, you may need to take your employer to court. During your hearing with your employer, you may be offered a settlement, which is a sum of money plaintiffs are paid in exchange for dropping future litigation against a defendant.
The sum you receive would typically be based on the extent and type of injury you suffered on the job, as well as the amount you were meant to receive in the past. Choosing to accept or reject a settlement is not an easy decision, and more than likely, you would need the guidance and advice of an experienced attorney. If you are in the process of taking your employer to court, continue reading to learn more about workers’ compensation settlements in Lakewood.
What to Consider Before Accepting or Rejecting a Claim
Before rejecting or accepting a financial settlement, injured workers should take certain factors into consideration. First, if a worker accepts a settlement offer, they are required to drop the lawsuit altogether. Conversely, if they choose to reject the lawsuit in favor of continued litigation, it is possible the court may rule in favor of their employee, causing them to forfeit any benefits they would have received otherwise.
Secondly, if an injured person accepts a settlement, they would no longer be entitled to employer-paid healthcare for their injury or illness. Any medical care they receive after this point would have to be paid for out of their own pocket, which can be expensive depending on the type of injury they have. However, if they reject the settlement and are victorious in court, their lawyer can draft a contract stating that the insurance company must pay their medical costs as well. If a person needs a significant amount of medical care, it may not be in their interest to settle.
Before accepting or rejecting a settlement offer, injured workers should consult with their attorney.
Types of Payment Settlements in Lakewood
If an injured worker accepts a workers’ compensation settlement, they may receive one of two types of payments from the insurance company – structured or lump sum. If they win a structured settlement, the insurance company would pay them a portion of their settlement money on a monthly or yearly basis. This type of settlement is often the best for individuals who need extensive healthcare.
A lump sum payment, as its name implies, is a settlement paid to an employee in full one time. If a person chooses to accept a lump sum payment, they may have to forfeit certain rights, such as their right to healthcare from an insurer. This type of arrangement is best for workers with minor injuries.
Entitlement to Receive Compensation Benefits
Workers’ compensation settlements in Lakewood can be hard to understand, but before accepting or rejecting one, employees should know what they are really entitled to. If a worker is injured but not totally disabled, they may be eligible for previous payments they were entitled to while they were not receiving benefits.
On the other hand, if an injury renders an employee unable to work on a permanent basis, they may be able to obtain a permanent partial disability award in addition to whatever they are owed by the insurance company. Usually, employees must give up some of their rights or compensation if they demand this benefit.
Consult an Attorney Who Handles Workers’ Compensation Settlements in Lakewood
Injured workers should never accept or reject a workers’ compensation settlement without knowing what they are getting into. Many insurance companies attempt to offer smaller settlements that would not cover the expenses an injured worker has endured. If you have any further questions about settlements or claims, you should consult an attorney who handles workers’ compensation settlements in Lakewood.