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Mike Saltzstein Speaks on Workers Compensation Insurance Settlement

Often, workers’ compensation cases nowadays end in a settlement. These kinds of settlements are mainly offered by insurance companies with a vested interest in settling injury cases without entering into courtroom procedures. This offers an opportunity for insurance companies to negotiate the amount of compensation, which literally indicates their attempt to minimize the offered amount. As per the viewpoint of Mike Saltzstein a professional as well as visionary focusing on worker’s compensation claim, multiline claims, strategic planning, etc. whether your injury claim enters into the phase of settlement or move to a court case, having a legal professional beside is always the best choice for your best interest and avail the maximum benefit you deserve. 

What is a Workers’ Compensation Settlement

 

A workers’ compensation settlement refers to an agreement made between the insurance company and the injured workers where a worker can accept a certain amount of compensation in exchange for waiving his/her right to go for any future legal proceedings to seek compensation. 

In fact, the waiver agreement could be a good choice for workers to get the benefits quicker rather than seeking more compensation overtime, maybe via litigation. However, before accepting the settlement amount, consulting an attorney ensures that the amount of settlement is justified. 

Steps To Get Workers Compensation Settlement 

 

Workers also prefer compensation settlement as it is faster, more peaceful, and less time-consuming than making a lawsuit. However, when they opt for getting a settlement, they need to follow the steps as stated below: 

  • Notifying the employer once the injury takes place. Similarly, the employers remain responsible to send prompt notice since there is a deadline. 
  • Get necessary treatment from qualified doctors. Many states require you to see approved doctors by insurance companies, which you can obtain from your employer. 
  • Once your employer produces the claim, the insurer will be responsible to pay for your damages. 
  • The insurer may either approve or reject your claim. In case the claim is rejected, you have the option to appeal.
  • At this phase, the insurer is likely to offer you compensation as settlement. You might be provided a lump sum amount or via a structured payout in monthly or yearly installments and over time. 
  • You have the option to accept the offer or negotiate your settlement benefit. Once you accept the settlement money, your right of making a further appeal or a lawsuit gets waived. 
  • According to Mike Saltzstein, in most cases, the insurance company pays fairly less than what you deserve, and this is why before accepting the offers, it makes sense to consult a lawyer. On the other hand, if you want to negotiate, it will be supportive if you hire a workers’ compensation lawyer to make the negotiation on your behalf. 
  • If you deny the settlement amount, the case will naturally move to a hearing while an administrative legal judge will figure out the amount of compensation that is appropriate. This will be a lingering process, however, working with a lawyer will increase the chances of getting a fair settlement.    

Which Are the Expenses Covered in Settlements

 

  • In general, worker’s compensation settlements cover:
  • Past as well as future medical expenses
  • Lost wages, in case you could not work for your injuries. 
  • Disability benefits are provided for certain impairments that may affect your ability to work permanently (for example, blindness deafness, etc. 

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