The Workers’ Compensation system provides medical and financial benefits if an employment-related injury keeps you out of work. You are entitled to temporary disability benefits for up to 500 weeks, and in some cases of profound injury, the benefits could continue indefinitely.
Negotiating a settlement with the Workers’ Compensation program makes sense when an injury is severe enough that an employee can never return to work. A settlement gives you immediate access to significant funds rather than weekly payments of a portion of your former wage.
Get help from Gross & Kenny, LLP if you are considering a Workers’ Compensation settlement in Scranton. A judge must approve any settlement, so it is vital to secure seasoned legal guidance when you begin negotiations.
Only some Workers’ Compensation cases lead to settlements. Usually, hurt workers will file a claim, receive benefits, recover from their condition or injury, and return to work. These kinds of cases rarely lead to settlements.
However, you might be offered a settlement under the following conditions:
These are not the only circumstances that might lead to a settlement but are the most common reasons.
You must wait at least four months after your injury before receiving a settlement. A settlement is formally called a “Compromise and Release” because you must give up your claims to future payments when you accept one. At Gross & Kenny, LLP, our experienced Scranton attorneys typically advise a claimant to wait until they are sure their condition will neither improve nor worsen before they entertain a Workers’ Compensation settlement.
Workers’ Compensation insurance companies usually offer settlements in a lump sum. In some cases, particularly when the payment is above six figures, you could arrange to receive your payments in installments, also called a structured settlement.
There are tax benefits to a structured settlement if you receive Social Security disability benefits. You might also prefer a structured settlement if you are concerned about overspending or find a large payment too overwhelming to manage.
A Scranton attorney from our firm is here to talk you through the differences between a structured settlement versus a lump sum payment. They will help you determine the best arrangement to protect you and support your goals for yourself and your family.
It is impossible to predict the settlement amount you will receive as it largely depends on the type and severity of your injury, whether you might require future medical treatment, and the wages you earned before your injury.
A reasonable settlement is usually slightly less than the cost of future medical treatment plus the payments you would receive if you continued to get Worker’s Compensation benefits for the full duration allowable for your injury. Your settlement would be slightly less because the law presumes inflation, and the value of money now is more than the presumed value of the same amount in the future.
If you reach a settlement, 77 Pennsylvania Statute §1000.5 requires you to appear before a Workers’ Compensation judge before signing the agreement and receiving the funds. The judge will ensure that the settlement is fair and that you understand its implications before approving it. Working with a Scranton lawyer from our firm could ensure the court hearing goes smoothly and there is no delay in your receipt of the Workers’ Compensation settlement payment.
While most employers in Pennsylvania must offer Workers’ Compensation to their employees, securing an adequate settlement is a whole new ballgame.
This is why working with an attorney on a Workers’ Compensation settlement in Scranton is essential. An attorney from Gross & Kenny, LLP is here to ensure your settlement is fair and provides fair compensation to address your needs and your family’s security. Call our team today to learn more about how we can help.
Copyright © 2023 | Gross & Kenny, LLP
Personal Injury Attorney Philadelphia | Gross & Kenny, LLP