What Is A Structured Settlement In Workers Comp

A structured settlement can also be used to fund a workers compensation medicare set aside msa account where the employer is responsible for the cost of the primary medical treatment for the claimant and medicare is the secondary payer.

What is a structured settlement in workers comp.

What is the average workers compensation settlement. Employers should stay involved to avoid a lawsuit. After a workplace injury you may file a workers compensation claim and be awarded a structured settlement with regular monthly payments. A workers compensation judge or hearing officer will need to approve your settlement.

It is certainly important to weigh the pros and cons carefully and with the help of an experienced workers comp lawyer. Because selling your workers comp is complicated and there are many factors involved be prepared for difficulties in finding someone willing or able to buy your structured settlement payments. Injured workers should never feel like a structured settlement is their only option. If your claim is disputed a trial or workers comp hearing is time consuming and risky.

In most cases the employee has the option to accept the offer pursue a lump sum settlement or negotiate for a larger structured workers comp settlement. There are advantages and disadvantages to settling your workers compensation claim through a lump sum settlement or some type of structured settlement. However the claim that selling workers comp awards for a lump sum is definitely impossible or always illegal may be an overstatement. I strongly urge injured workers to consult with an experienced workers compensation attorney before agreeing to a structured settlement.

Typical workers comp settlement amounts. In california workers compensation law there is the provision to allow injured workers to settle their cases via a compromise and release. If the employee decides to pursue a larger workers compensation settlement negotiations will take place between the employee his or. The good news is that the majority of workers 73 receive a settlement or award.

A structured settlement is financial agreement for a series of periodic payments an injured person receives over a set time period or over the person s life time to settle any legal obligation including a workers compensation claim. In workers compensation there are many ways upon which an injured worker can settle their case. A structured settlement enables workers compensation payments to be tailored to better suit the needs of the injured worker.