What Is Your Workers Compensation Case Worth?
There are certain elements that determine the amount of a Massachusetts workers compensation settlement. If you are collecting your weekly checks, it may make sense to “lump sum” settle your case. A lump sum is when a settlement is reached with the insurance company. What it is is one single payment of benefits to you which closes out the insurance company’s responsibility to pay you weekly checks.
How The Lump Sum Amount Is Determined
The amount of the settlement is determined by a few factors. They include the amount of your average weekly wage, whether you are partially or totally disabled from working, any type of permanent injury you have, how long you will be out of work in the future, any type of scarring or disfigurement you sustained, as well as other factors.
How The Lump Sum Is Approved
If a lump sum is reached, a judge needs to approve the settlement. The insurance company’s lawyer and your lawyer must present to a judge the lump settlement for approval. The lump sum must also have written consent from your employer attached to the agreement. If the judge feels the settlement is in your best interest, he will approve it. If the agreement is “with liability ” then the insurance company will pay for your future medical treatment that is reasonable, related and necessary to the claimed injury, for the rest of your life. If the agreement is “without liability” then the insurance company will only pay your medical bills incurred up until the date the lump sum is approved.
It is always a good idea to have a workers compensation lawyer if you were hurt at work and are considering a Massachusetts workers compensation settlement. Otherwise, the insurance company may attempt to offer you a lump sum amount far below what you may be owed, and with terms that are not in your best interest.