- December 14, 2023
- Workers' Compensation
Most of the time, an experienced Atlanta workers comp lawyer will negotiate a settlement for your claim. This is the most convenient solution for you, as you won’t have to keep in touch with the insurance company and have them monitor your treatments. So let us discuss how a workers comp settlement is reached and what it involves.
Our attorneys are here to guide you at every step of the process and help you obtain the benefits you deserve. Contact us today for a free case review.
What Is Included in the Workers Comp Settlement?
A settlement is a decision made to close a workers’ compensation claim by paying an amount of money representing:
- Total costs of the medical care costs
- Replacement wages for the period when you are out of work due to the injury
- Disability benefits (if applicable).
It is essential to have an experienced attorney by your side to evaluate the fairness of the settlement. Sometimes, the insurance company will offer it at the beginning of the claim. You must not accept it, because in most cases it represents only a small portion of what a lawyer can negotiate for you.
Your Lawyer Will Calculate a Fair Settlement Amount
To determine a fair workers’ comp settlement, your attorney will discuss with your doctor to find out the following information.
- When you will reach maximum medical improvement
- Whether you will make a complete recovery or will be left with a disability
- Whether you are likely to need further treatments or surgeries in the future.
Based on these findings, the lawyer will estimate your present and future medical care costs and replacement wages.
You Can Choose Between Two Payment Options
After the lawyer negotiates with the workers comp insurance, they will often reach a fair agreement. At this point, you have the option to choose between a lump sum payment or a structured settlement.
Pros and Cons of a Lump Sum
If you choose a lump sum payment, you will get the entire settlement amount after the Atlanta workers comp lawyer retains their fees. From that point onwards, your claim is permanently closed.
You are responsible for managing the money so that it covers your medical care costs and lost wages. If you are not careful, you may run out of funds before you are fully healed.
However, if you are good with money, you may multiply it by investments or opening your own business. Also, you can choose your doctor and do not have to wait for the insurer’s approval to try a new drug or treatment.
Pros and Cons of a Structured Settlement
In the case of a structured settlement, the total amount will be payable over a set timeframe. This is a good option if you are likely to need long-term medical care. By getting the money in installments, you do not run the risk of spending it before you are recovered.
Moreover, the staggering of payments means that you are not likely to become disqualified from federal programs such as Medicaid.
Let a Skilled Atlanta Workers Comp Lawyer Negotiate Your Settlement!
You only get one chance to collect benefits after a workplace injury. So let an experienced Atlanta workers comp lawyer assist you from the very beginning and determine the best course of action.
Reaching a workers comp settlement can be extremely beneficial for you – if the amount is right. With a skilled attorney by your side, it will certainly be.
So don’t wait too long after your workplace accident. Call us today at 470-287-5597 to schedule a free case review! There are no upfront legal fees. We only get paid after you receive compensation.
