What You Should Know before Accepting a Workers’ Comp Settlement in Georgia
If you have suffered an injury on the job in Georgia, you may be approached by the insurance company about a potential workers’ comp settlement.
It’s fairly common for insurance companies to offer workers’ comp settlements to injured workers.
This can seem appealing because you receive compensation quickly and can avoid some of the issues that come with dealing with workers’ compensation.
But before you jump the gun, it is important to know that accepting a workers’ comp settlement in Georgia has some downsides, including closing out your workers’ compensation claim forever.
Even if the money sounds good, take time to read this blog to learn more about what you may be getting and giving up.
Understanding Some Reasons Why Employees Choose to Settle
The first thing to know about a workers’ comp settlement in Georgia is that it is always voluntary.
Employees can never be forced to take a workers’ comp settlement.
However, a workers’ comp settlement may be the right choice depending on your unique situation.
If you receive a lump sum workers’ comp settlement, you will receive money upfront and quickly.
While on workers’ compensation, some employees do not make enough money to support themselves as they are only allowed to receive a percentage of their pre-injury income. In this case, a lump sum workers’ comp settlement may help them make ends meet.
For some injured employees, the idea of being more in control of their medical treatment is appealing.
While receiving workers’ compensation benefits, the injured employee has to see approved doctors and may have to fight for certain medical treatments.
In some cases, a workers’ comp settlement is an agreement that is reached because there is a dispute about whether or not the injury occurred on the job during work hours. It is a compromise between the parties.
There Is No Going Back Once a Workers’ Comp Settlement Is Approved
The major issue with a workers’ comp settlement in Georgia is that there is no going back once it is approved.
Once it has been approved by the Georgia State Board of Workers’ Compensation Settlement Division, that’s it.
What I mean by that is that your workers’ compensation case is considered closed.
There is no going back to it in the future.
Let’s say you accept a lowball workers’ comp settlement offer, but then you realize it is not nearly enough to cover what you need in the future.
You can’t go back once you’ve crossed your T’s and dotted your I’s.
You are stuck with the lowball offer.
Moreover, we don’t have a crystal ball that tells us what the future looks like.
What if you continue to deal with back pain from the injury you suffered after you accept a workers’ comp settlement?
You have to cover the costs of any physical therapy or surgeries yourself using what is remaining from the lump sum settlement.
But if the insurance company figured out the lump sum settlement based on your current state and not your future state, you may not have enough money to cover future medical treatments.
The Importance of Determining a Fair Value
I’ve said it before, and I’ll say it again: workers’ compensation insurance companies put profits over people.
Insurance companies do not want to spend money. They will look for every way possible to save money.
That includes offering a workers’ comp settlement.
Insurance companies often offer settlements because it is a means to save them money – not because it is better for the injured employee.
They save money by offering injured workers much less than what they deserve.
Workers’ compensation should cover medical treatment, rehabilitation, income benefits, and permanent disability.
Some of the wage benefits can be received for up to 400 weeks.
If the insurance company can offer a workers’ comp settlement well before this time, they will save money.
If they think your claim may be ongoing or that you will need multiple treatments, they may want to end the claim to get themselves off the hook for paying.
All this to say, it is critical that you make sure you are being offered a fair value on the workers’ comp settlement.
The workers’ comp settlement should cover the following:
- Permanent Partial Disability payment
- Past or future lost wages
- Possible future medical treatments (i.e., physical therapy, surgery, testing)
- Past medical bills
The key is that the settlement should factor in potential issues in the future, such as medical treatments, disability, or lost wages that still result from your work injury.
The best way to calculate this fair value is to work with an experienced workers’ compensation attorney in Georgia.
Keep in mind that workers’ compensation in Georgia covers more than most people think.
Georgia workers’ compensation covers all expenses related to care and treatment due to a work-related injury, including:
- Assistive devices (walkers or wheelchairs)
- Prescription drugs
- Mileage to and from doctors’ appointments
- Meals and lodging for out-of-town medical appointments
When you are offered a workers’ comp settlement in Georgia, make sure these often-forgotten costs are accounted for.
[Related Read: What Georgia Workers’ Comp Benefits Am I Entitled To?]
NOTE – There are times when the insurance company will offer a limited settlement. In these cases, the insurance company may offer a workers’ compensation settlement to cover disability benefits, but they may continue to cover future medical needs.
The Difference between Liability and Non-Liability
In the state of Georgia, there are two different types of workers’ comp settlements: a liability settlement and a non-liability settlement.
A liability settlement is one that resolves a workers’ compensation claim where the insurance company has already paid income benefits.
In contrast, a non-liability settlement is one that ends a workers’ compensation claim when there has been no payment of income benefits or where the entire claim is in dispute.
The Option of a Lump Sum or Structured Settlement
Typically, injured employees are offered a lump sum workers’ comp settlement.
However, there are cases, such as those involving severe injuries or permanent disability, when a structured settlement may work better.
With structured settlements, the funds are provided at specific intervals, such as monthly, annually, or every two years.
Why You Need a Workers’ Compensation Attorney in Georgia
As you can see, workers’ comp settlements in Georgia are complicated.
If you don’t know how workers’ comp settlements work, you may be taken advantage of.
The insurance company may suggest a ridiculously low amount in a lump sum, but those figures may look appealing to someone out of work.
A skilled workers’ compensation attorney won’t let you fall for this trick.
They will carefully assess your situation to get you the settlement you deserve – and the one you need to continue living a life you enjoy into the future.
Plus, it is a proven fact that injured workers represented by experienced workers’ compensation lawyers get higher settlements than those people who don’t hire lawyers with a background in the complex field.
If you’ve been injured on the job, contact us today for a free, no-strings-attached consultation.
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