If you have been injured while at work, you may be entitled to certain benefits but, you also have the option of settling.
If you choose to settle, you are also relinquishing the rights involved in a workers’ compensation claim.
If you want to know more about Toledo workers’ compensation settlements and what they entail, it is a good idea to contact a capable workers’ compensation lawyer. A skilled attorney could help you determine whether a settlement is right for you.
What Constitutes a Settlement?
At any point in the workers’ compensation process, any party involved, whether it be the employer, the claimant, or the Bureau of Workers’ Compensation, can request a full and final settlement. A full and final settlement occurs when both sides agree on a monetary amount in exchange for settling all of the rights involved in a particular workers’ compensation claim.
Depending on the individual circumstances, it can be in the best interest of the employee, employer, and the Bureau of Workers’ Compensation to settle. For example, if an individual is going to move to another state or another country, they probably cannot continue to be compensated for treatment in the other state or country because there will be few if any certified Ohio workers’ compensation treaters in those states. In a situation like that, Toledo workers’ compensation settlements make all the sense in the world.
Role of Different Parties in a Settlement
A typical settlement involves the employee, the employer and the Bureau of Workers’ Compensation. All three have to approve a settlement before it can go through. A claimant is trying to determine what a fair amount is in order to give up all of their rights involved in the claim. Obviously, the goal of the claimant and the claimant’s attorney is to get the most money possible. The employer and their representative or attorney tries to come up with a number that would not negatively affect their premiums or what they will have to pay in the future for workers’ compensation. The Bureau acts like an umpire or referee to make sure that any settlement is fair for both sides and for the state of Ohio.
When to Agree to a Workers’ Compensation Settlement
One circumstance would be when an individual is moving to another state. Another reason could be that someone desperately needs the money. A third reason could be that they have another job so they really do not care too much about keeping their job. Their other job may include strong health insurance benefits that would substitute for any medical care they could receive under workers’ compensation.
All Toledo workers’ compensation settlements are unique, therefore it is crucial that the claimant and the claimant’s attorney work together as a team to determine the value of the settlement and what makes sense for both parties. Once a settlement is reached and filed with the Bureau of Workers’ Compensation, there will be a 30 day grace period. After the 30 days, all other benefits are cut-off and the employee receives the full settlement check.
What Should a Person Ensure is in Their Settlement?
An individual should be certain of all the terms involved in the settlement, along with the amount of money they will eventually receive. If someone is on social security disability, there needs to be some discussion about whether there is a need for a Medicare set aside. Some settlements can have an impact on an individuals’ medical benefits under Medicare. They will want to consider whether or not the settlement benefits are taxable or non-taxable based on the language of the agreement. It is also important to consider whether or not someone will have to give up their job as part of the settlement.
Ratings and How They Impact Benefits
Different jobs have different ratings. Ratings tend to be higher for jobs where the individual has a greater chance of getting injured. This is common with construction jobs when someone works with hazardous materials, or in a nuclear power plant. For jobs such as these, the rating and the amount of premiums will be higher due to the increased risk of injury. The workers’ compensation benefits will also be higher based on how high the degree of danger is.
Importance of Working With a Toledo Workers’ Compensation Attorney
Local workers’ compensation attorneys have a strong sense of how the Bureau of Workers’ Compensation negotiates Toledo workers’ compensation settlements. These attorneys understand the past precedents of prior settlements. They also understand the pitfalls and what to look out for in a settlement. Most importantly, they understand how to maximize an individuals’ recovery. If you have been injured while on the clock, and are considering settling, speak with a distinguished workers’ compensation attorney that could help.