Law Office of James M. Hoffmann Articles Getting a Fair Workers Comp Settlement Amount

Getting a Fair Workers Comp Settlement Amount

By James Hoffmann  May. 18, 2018 11:04a

When you are injured on the job, you are generally entitled to receive compensation for the time that you are out of work. In Missouri, it is also possible for the worker to receive compensation in one lump sum, or as a settlement. If you are offered a settlement for your work-related injury, it is important that you consult a St. Louis workers’ compensation attorney before you sign anything. Settlements offered by insurance carriers don’t often get victims all that they deserve.

In the state of Missouri, employers and insurance carriers are allowed to offer those who file workers’ compensation claims a settlement offer. A settlement offer is when an insurance company will calculate how much your injury will cost at the present and in the future.The settlement is meant to compensate the workers for any future medical bills, the ones that they already owe, and any medical costs that they have already paid for. Sounds good, right?

The Tricky Part

Once an insurance company offers you a weekly payment rate or a lump sum settlement, you have the right to continue to accept payments in the amount they offered, take a lump sum or go to court and fight for more money.

If you do go to court, you run the risk of receiving less money then you were originally offered. If the judge rules differently than the settlement price, and that ruling is less than the original settlement offer, then that is all that you will get. That is why you should have a St. Louis workers’ compensation attorney in your corner.

Usually, when you agree to a settlement offer, you receive your money much more quickly. If you choose to settle outside of the confines of the courtroom, then you don’t have to go through the court process, which usually involves a ton of paperwork. Without the hoops a court case requires, accepting a settlement speeds up the time that it takes to receive your money.

There are also times when you can negotiate directly with the insurance carrier to have the amount of your settlement increased. The negotiation phase is when it is most critical to have a St. Louis workers’ compensation lawyer on your side. They will know what your injury is worth and how to negotiate to get you all that you deserve. If you aren’t prepared going in, things will get tricky and you will probably be given less compensation than you deserve.

What If You Accept the Settlement Offer

The trickiest part of accepting a lump-sum settlement offer instead of taking weekly payments is that you can’t hold the insurance carrier liable if something more should arise. If your injury requires more medical care that you weren’t expecting, then it will be left up to you to pay. You need to make sure you understand the full implications of taking a settlement offer and whether or not that offer is in your best interest before you sign anything. Once it has been signed, the game is over.

A settlement offer can be a great way to get the money you are entitled to for your workers’ compensation claim, but only if it is enough to cover all of your medical costs and the time you missed from work. To ensure that you are getting all that you need, it is imperative that you have a St. Louis workers’ compensation attorney look over your settlement offer before you sign anything.

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