A severely injured worker often receives workers compensation as long as medical injury exists. However, there is often a point when both injured worker and employer’s workers comp insurance carrier want to settle all claims. This is a workers compensation injury settlement.
In Florida, a workers compensation injury settlement is often called a “washout.” In this process, a worker often gives up a case in exchange for a lump sum of money. David Harris Law handles washout settlements in Southwest Florida for severely injured workers.
Workers Compensation Injury Settlement or Claims Washout
While a workers compensation injury settlement can be a win for both sides, an injured worker has to understand pros and cons. A cash lump sum is not always a great answer. A key goal is generating enough money to take care of your injury and associated medical costs. Moreover, your present and future needs must be considered.
The workers compensation adjuster is seeking to make a full payment now in exchange for not having to pay the injured worker any money ever again. That’s right. When a workers compensation injury settlement occurs, the injured worker agrees to receive the benefit of cash now. Your workers comp case then closes for good.
If the injured employee blows through the cash, or needs additional medical treatment, then that person cannot look to workers compensation to pay anything else. That door has closed. The injured worker will then have to use their health insurance or pay out of pocket.
You are generally not eligible for workers compensation injury settlement under certain conditions. For example, if you recover from your injuries, return to work, or you are not continuing medical, then you won’t reach a workers compensation injury settlement. Similarly, if your injury does not result in permanent work restrictions, then your claim usually has little or no value for washout purposes.
Workers Compensation Injury Settlement Considerations
Whether you want to pursue a workers compensation injury settlement, or washout, then consider several factors.
- Your injury may require your insurance carrier to pay injury-related medical bills for life.
- This does not matter as much if you have health insurance which covers future expenses.
- If you are eligible for, or on, Medicare, then you set aside some settlement money for future bills.
- By choosing cash now, you may not receive “payment in full.” Instead, you agree to receive present value of future payments. Accordingly, your insurance carrier is valuing your case based on projections. They may pay more or less in future payments, depending on your circumstances.
Additionally, if you pursue a third party lawsuit related to work injury, then your comp carrier gets money back from your claim. How much is negotiable in washout negotiations.
Experienced Lawyer Pursues Your Workers Compensation Injury Settlement
Every workers compensation injury settlement is complex. Moreover, there are many factors you must consider. Protect yourself. Fort Myers injury lawyer David Harris handles washouts.
David reads the fine print, and works to negotiate a full and fair claim washout. Additionally, David fights for and protects your interests. Call today and receive your free review.
If David takes your case, then there are no up-front attorney fees. Instead, attorneys fees have limits under workers compensation guidelines. Moreover, fees occur when your workers compensation injury settlement agreement receives approval. Your workers comp judge must approve every settlement.
Contact David today for a free consultation on your work injury.