Perhaps you are contemplating settling your work comp claim on your own and trying to work out the possible value of your claim. As you weigh the options of whether or not to involve a work comp attorney,you need to consider what savings you make and what you obtain when settling a work comp claim with help from a -. Here are the essentials to consider as you think about which option to take:
You Continue Paying Medical Benefits
State laws vary significantly such that some states demand that the insurance company stops making medical benefits upon settlement while others do will require that benefits are terminated upon making a settlement. Who doesn’t want to minimize the costs? Insurers will always want to take advantage of the ignorance of the injured workers who do not understand the state laws.
Fortunately,a- will enlighten you about your rights and invoke the state laws to your benefit. Even in states where the medical benefits are to be continued,most insurers will be reluctant to effect the payments or fail to pay altogether. In this case,your lawyer will file a claim with the workers’ compensation agency to cause the insurer to comply with the state law and pay medical expenses as they accrue.
Fight for Approval of the Proposed Settlement by the State Comp Agency
Just because you and your employer’s insurance company have agreed to settle the matter doesn’t mean that the deal is sealed and concluded. Most,if not all states demand that both parties to the agreement file a proposed settlement to the state workers’ compensation agency for onward approval. Upon receiving the proposal,the agency will schedule a hearing to review the offer. Upon being satisfied,the agency will go ahead and approve the settlement.
However,it is not a surprise that the the agency will quash or set aside the proposed settlement. This is where a lawyer becomes an essential partner in fighting for the approval of the settlement. Your- will put forward the most compelling grounds and facts that will inform the agency of the need to approve the settlement as presented and in the best interest of the injured worker.
If you are considering receiving your future medical benefits,it is important to consider the time value of money. In financial management,the concept of present value is critical in determining whether it will make financial sense to invest a given sum of money in order to earn future incomes. It is complex to determine whether it is beneficial to accept the insurer’s proposed future medical benefits. This requires that you retain a highly knowledgeable lawyer with a sound understanding of the financial calculations to help you make the right decision.