Should I Settle a Workers’ Comp Claim at the End of the Year?
You were hurt at work, and now the workers’ compensation insurance company is pushing you to settle.
Should you settle a workers’ comp claim?
If you’re feeling the pressure to settle, the last thing you want to do is make an uninformed, rushed decision.
Read on to see if now is the right time to settle a workers’ comp claim or if you should continue receiving workers’ comp benefits into the new year.
Settlement Season Is upon Us
The end of the year is affectionately (or not-so-affectionately) called settlement season by lawyers and insurance companies.
This is because there is a big push toward the end of the year for injured employees to settle workers’ comp claims. Insurance companies typically want as many cases off their books as possible before the new year.
For this reason, they are typically willing to pay a little bit more to close the case.
Similarly, after settlement season (October – December), January is also a good time to settle a workers’ comp claim because insurance companies will try to settle those “leftover” cases they didn’t have a chance to get to at the end of the prior year.
Note – it isn’t just for workers’ compensation. Settlement season has judges booked solid in the last months of the year.
No one wants to start a new year with something hanging over their heads. Starting fresh feels better for many people.
What You Should Know about a Workers’ Comp Settlement
As mentioned, settlement season can be a good time to settle a workers’ comp claim because insurance companies may offer more money to close out a claim before the end of the year.
However, don’t let the big numbers lead you to make a mistake.
Pause and Watch Top 5 Workers’ Comp Mistakes.
The most important thing you need to know if you settle a workers’ comp claim in Georgia is that it is a permanent decision.
Once a workers’ comp settlement is approved, that’s it. It’s final. The claim is closed.
You may want to get everything wrapped up before the new year, but you don’t know what the new year (or the future) holds.
For example, just because you want to be healed in the new year, it doesn’t mean you will be.
If you accept a workers’ comp settlement offer that is too low, you can’t go back and request more workers’ comp benefits in the future for the injury.
You will have to hope the settlement offer can cover the ongoing medical costs.
What if you continue to suffer from pain from your injury and you’ve already settled a workers’ comp claim?
If the workers’ comp settlement wasn’t high enough, you’ll run out of money and be forced to cover the costs of future surgeries or therapies out of your own pocket.
Again, the big number on a lump sum settlement offer may seem like enough, but you carefully need to keep your future state in mind before you settle – even if the end-of-the-year amount is more than expected.
The Priority Is a Fair Value Settlement
Ultimately, whether or not you settle a workers’ comp claim should come down to whether it is a fair value offer – not because you want to wrap up before the year ends.
When you look at a lump sum settlement offer, you want to make sure it is a fair value that covers the following:
- Disability payments (Impairment Rating)
- Past or future lost wages
- Possible future medical treatment (i.e., physical therapy, surgery, testing)
- Outstanding medical bills
You want to pay special attention to possible future medical treatment and lost wages due to the inability to work.
However, workers’ compensation in Georgia covers more than just medical treatment.
Check Out This Video Detailing Workers’ Comp Benefits in Georgia
It also 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
So, when you look at the lump sum settlement offer, see if the insurance company has offered you enough to cover these costs, as well.
[Related Read: What Georgia Workers’ Comp Benefits Am I Entitled To?]
Speak with a Workers’ Comp Attorney Before You Settle
We get that this can sound overwhelming – especially if you aren’t a numbers person.
Unless you have experience budgeting for these kinds of things, you will likely miss something important.
You don’t want to lose out on money you need and deserve, but, unfortunately, insurance companies often try to lowball injured employees.
Sure, they may offer a little bit more during settlement season, but your lawyer will be able to tell if it is a fair value or not.
That’s why it is so important to work with a workers’ compensation attorney in Georgia.
They have the experience and know-how to calculate the settlement you deserve correctly.
It is literally their job to make sure you get a fair value settlement! Let them run the numbers and fight the insurance company so you don’t have to.
Your attorney will fight for you to get the settlement you need to continue healing and thriving into the future – not just at the end of the year.
Plus, statistics have revealed that injured workers represented by skilled workers’ compensation lawyers get higher settlements than those people who don’t hire lawyers with a background in the complicated field.
If you’ve been injured on the job, contact us today for a free, no-strings-attached consultation.
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