Negotiating A Workers’ Compensation Settlement
Do you need assistance negotiating a Workers’ Compensation Settlement in Orlando? Call Vaughan Law Group today for legal assistance.
Types of Workers’ Compensation Settlements in Florida
In Florida, there are a number of settlement agreements that can be made. These typically depend on the rights you are giving up and the manner in which you receive the money. Some types of workers’ compensation settlements injured workers can choose from include:
Full and Final Release:
These settlements are designed to release the insurance company of any liability they may have for you, your medical treatment, and income in the future. Under these agreements, you give up your right to receive any more workers’ compensation benefits under Florida law in exchange for compensation. Under this type of agreement, you will be responsible for any future medical expenses and will not receive payment for lost wages any longer.Partial Release of Liability:
Under this type of settlement agreement, workers give up their rights to some benefits while continuing to receive others. For example, in cases surrounding permanent impairments, injured workers can agree to receive coverage for medical treatments and forego receiving monthly compensation for lost wages. It is important to note that, although these settlements are available, they are relatively rare.Lump-Sum/Structured Settlements:
In most settlements, you will receive a lump-sum of money. In some cases, insurance companies may agree to pay the money in installments over a specified period. Structured settlements are one of the most commonly selected options for cases involving catastrophic injuries. This is due to the fact that structured settlements can help injured employees manage their money and plan for long-term care and needs.Despite the options available, the most common type of workers’ compensation settlement we see in Florida are full and final release settlements with lump-sums. Working with a reputable workers’ compensation attorney in Florida can help you determine what option is best for your needs.
When Can I Settle My Florida Workers’ Compensation Claim?
Working with a workers’ compensation attorney in Florida provides you with the opportunity to settle your claim at any time. If you are not working with a lawyer, there are laws in place that specify when you are able to settle with the insurance company. Without a lawyer, you are able to agree to a full and final lump-sum settlement if either one of the following conditions are met:
- Your claim for workers’ compensation has been denied by an insurance company and the judge finds that there is a legitimate disagreement as to whether you are entitled to workers’ compensation benefits.
- Your doctor believes that your medical condition is stable and that you are not likely to get any better, which is commonly referred to as the maximum medical improvement stage.
Although these circumstances provide you with the opportunity to come to a settlement agreement, it is typically best to wait until you reach the maximum medical improvement stage before considering a settlement agreement.
How Much Will I Get in a Workers’ Compensation Settlement?
Like most other states, Florida does not use a set formula for calculating settlement values for injured workers. Instead, workers’ compensation insurance companies base settlement offers off the specific needs of the victim. Some factors used in determining offer and demand amounts include:
- The type and severity of the injuries the worker sustained.
- The extent of permanent impairments victims endure as a result of their injuries.
- Any unpaid medical expenses.
- Any unpaid temporary disability benefits for the worker as well as any penalties due to late payments.
- Whether the injured worker will need future medical treatment.
- The extent and cost of anticipated future medical treatment.
- Whether the victim is able to return to work.
- The earnings the worker had before being injured.
- Whether there is any conflicting evidence in your workers’ compensation case.
It is crucial that workers keep in mind that certain costs may be deducted from the settlement offer before it is received. These costs and deductions include those surrounding lawyer fees and other related expenses, any child support owed by the injured worker, any lump-sum payments for medical treatment that may be received when the worker is eligible for Medicare coverage. Working with an attorney is a victim’s best bet at getting the settlement they deserve.
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