Handling Lump Sum Settlements In The Workers’ Compensation Claims Process
Lump sum settlements in workers’ compensation involves insurance companies resolving claims with a one-time payment. This approach is often preferred by insurance companies as it allows them to close the claim permanently.
At David H. Bailly, Ltd., the attorney has focused on workers’ compensation claims, providing experienced guidance for settlement calculation in workers’ compensation, permanent partial disability settlement, as well as settlement negotiation for workers’ compensation. For over 40 years, he has served clients in Eden Prairie and throughout Minnesota, providing personalized attention to each case.
He can help you navigate workers’ compensation settlement evaluation, ensuring you pursue fair compensation for the lump sum settlement for your workers’ compensation claim. He can also assist you with exploring workers’ compensation buyout options, including future medical expenses settlement and wage loss benefits settlement. He has a deep understanding of the importance of settlement timing when seeking a full and final settlement.
How The Settlement Process Works
The settlement process typically involves an initial offer from the insurance company, evaluation of the offer by your attorney and negotiation between your attorney and the insurance company. This is typically followed by reaching an agreement on the settlement amount and filing the settlement stipulation for review and approval.
The settlement calculation for workers’ compensation considers multiple factors, including:
- Projected future medical expenses
- Anticipated wage loss benefits
- Permanent partial disability ratings
- Potential for vocational rehabilitation
- Age and life expectancy
- Preinjury wages
- Future earning capacity
Mr. Bailly can help you calculate the true value of your claim and identify when insurance companies are undervaluing your case. He will negotiate to maximize your settlement and protect your rights throughout the settlement process. He can also help you determine if a lump sum settlement is right for you and guide you through the process of finalizing a settlement agreement.
When Can An Injured Worker Seek A Settlement?
A lump sum settlement might be appropriate when your medical condition has stabilized or you have reached maximum medical improvement. A settlement may also be a good option if you need funds for retraining or other significant expenses, such as education or vocational rehabilitation, to help you return to work or adapt to your new circumstances. Another reason could be that you want to close your case and move forward.
Get Help With Settling Your Workers’ Compensation Claim
It is crucial to hire an attorney who understands the complexities of workers’ compensation law. Attorney Bailly can help you make informed decisions about your lump sum settlement. Do not hesitate to call 952-232-1053 or fill out the online contact form to book a free consultation. Let Mr. Bailly help you fight for the compensation you deserve.