If you have suffered an injury while performing a work-related task, there may be procedural hoops to jump through before you can obtain benefits through Virginia’s workers’ compensation system. One of the most crucial stages of this process could be negotiated with your employer’s workers’ comp insurance provider to determine whether receiving a settlement payout is in your best interest.
Depending on the circumstances, you may not reach an agreement with the insurance company, but it can still be helpful to know what to expect should it become relevant to your case. By talking to an experienced workers’ comp attorney, you can gain a better understanding of Hanover County workers’ compensation settlements and how one can be beneficial for you.
A payout in a workers’ compensation case might occur when an injured employee and an insurer agree to a sum of money that both parties feel is an appropriate amount to cover all expenses related to the incident. A settlement could stop all workers’ comp payments, including both medical and wage loss, or just cover wage loss, leaving lifetime medical benefits intact.
The parties involved in a settlement are typically an injured employee, the insurer, attorneys for either party and sometimes the employer. The injured employee negotiates for the highest sum, and the insurer is expected to negotiate for the lowest. Both parties will exchange demands and counters until they reach a monetary sum they agree upon.
Settlements can be considered by an injured employee at any time, but it is typically when medical treatment moves beyond a conservative approach and surgery is needed, when maximum medical improvement is reached, or if care must continue for an indefinite period. A settlement can then be calculated to account for the medical treatment the injured employee will need as time goes on.
In the event of a payout, the insurance company may require the employee to resign, which could impact any employer-provided health insurance. However, any benefits earned prior to resigning, like accrued paid time off, would likely be paid out in a lump sum. If a case does not require resignation, there would be no effect on the employee’s benefits, and the individual would receive their payments or healthcare as usual.
If an injured employee wishes to settle, they should ensure the settlement’s lump sum will be enough to cover the cost of their current and future medical expenses and wage loss. Money is often the only way to quantify the number of medical expenses and wage loss there will be, but if an injured employee feels strongly about another loss they have suffered, they can negotiate that into the settlement process as well. Settlements are not limited to money, and they are designed to recover losses wherever an employee has experienced them.
If you find yourself seeking a financial settlement through workers’ compensation insurance, it can be beneficial to have a seasoned legal representative on your side. A local workers’ compensation attorney can calculate your future medical treatment and wage loss benefits, then negotiate a payout that goes beyond what your employer might have agreed to cover. Call today to discuss workers’ comp settlements with a Hanover County attorney.