What Should I Know About Settling a Workers’ Compensation Claim?

Settling a workers’ compensation claim in Buffalo, NY, may seem like the fastest way to secure financial relief after a workplace injury. In many cases, a settlement involves accepting a lump-sum payment from your employer’s insurance company to cover medical expenses and lost wages. However, once you agree, you typically relinquish the right to seek additional compensation for future medical care or wage loss.

Because these agreements are legally binding, it’s critical to understand what’s at stake before signing. The experienced workers’ comp lawyers at Sawers & Sackel in Buffalo, NY, can guide you through the process and protect your long-term interests.

Future Medical Expenses

Not all workers’ compensation claims are resolved through a settlement. Neither party is obligated to agree to a settlement. When considering whether to settle with the insurer, one of the most critical factors is any future medical treatment you may require. It is essential to consult with your doctor to determine the type of care you will need and its associated costs. After settling your workers’ compensation claim, you will have to use the funds to pay for any future medical expenses. Healthcare insurance and Medicare will not provide benefits for injuries included in a workers’ comp claim.

How Long Will You Receive Benefits

It is important to note that you cannot receive workers’ compensation benefits for your entire lifetime. Most workers are entitled to up to 130 weeks of temporary disability benefits. If you require additional benefits after this time, your permanent disability benefits will be assessed by the New York State Workers’ Compensation Board. This evaluation can occur as soon as six months after your accident, but it typically takes between one and two years.

There are also caps on permanent disability benefits, and they extend between 2.5 years and ten years. Before accepting a settlement, you must know how long you will require benefits. If you eventually learn that you need permanent disability benefits, you cannot receive them if you have already accepted a settlement.

If the Settlement Offer is Fair

Of course, you also need to consider whether the settlement offer is fair. The only way to do this is to determine the amount of lost income you will incur and the cost of receiving medical treatment for your injuries. Once you understand these factors, you can then compare your expenses with the amount of benefits being offered. If the settlement is too low to cover your medical costs and the appropriate amount of income, it is best to reject the settlement offer.

Our Workers’ Compensation Lawyer in Buffalo Can Advise On Your Settlement Offer

If you have been offered a workers’ compensation settlement offer, do not accept it until our Buffalo workers’ compensation lawyer has reviewed it. At Sawers & Sackel, our experienced attorneys can accurately assess your losses, determine if an offer will help you recover the full benefits you are entitled to, and guide you through the process to ensure your rights are protected. Call 716-456-8962 or contact us online to schedule a consultation.