Whether you have been offered a workers compensation settlement from the insurance company or have heard instances of individuals accepting settlement offers and are considering if this is an option for you, understanding what it means to settle a workers comp case is of utmost importance.
Despite the fact that being offered such a sum may be tempting, unfortunately, settling a workers comp case is almost never in the best interests of the injury victim. With this in mind, we have gone into further detail below about what it means when you settle a workers compensation case and why settling may not be the right choice for you and your family.
While it is certainly possible to reopen a closed and settled workers compensation case, it is not common. Once you accept a settlement offer from the insurance company, your case will be closed. This means that you will no longer be entitled to additional benefits and the settlement paid by the insurance company has fulfilled their obligation to you.
If you are considering accepting a settlement offer with the understanding that you can always reopen your case, you should be advised that reopening a workers compensation case that has been settled is more of a challenge than you might think, and many claimants are not successful in doing so. This is one reason why we typically recommend that workers compensation recipients do not settle their work comp claim.
Arguably the most important thing that you need to keep in mind is that you may require medical care in the future. No matter the extent of your injury, the way the human body functions, you could be fine for a few years, but your condition could worsen and deteriorate afterward due to circumstances outside of your control. This would mean that you would have additional medical bills and other healthcare costs that you would be responsible for.
Once you settle your workers compensation case, you are waiving your right to this future medical care, and unless you have substantial savings you are willing to put toward medical expenses, not settling your case will generally be your best option to protect yourself in the long run.
Remember, the insurance company may not be on your side. They are losing money by paying out on your claim. But, they may be able to get away with losing less if they are able to convince you to settle your workers comp claim, despite the fact that settling is more than likely not going to be the best option for you and your family.
When you are considering asking for or accepting a workers comp settlement, we strongly encourage you to speak with an experienced Greenville workers comp lawyer at Ricci Law Firm, P.A. before doing so. To schedule your free consultation, you can visit our website or call our office directly at 252-752-7785.
