It is important that you’re weighing all your options before you can think about settling your workers’ compensation case in New Jersey. There are situations where a settlement will not be in your best interest even if you prefer a lump sum payment. You should get in touch with a worker comp lawyer so that you’re aware of the best options before making a decision.
What is Workers’ Compensation?
You might have probably heard of workers’ compensation settlement when you got injured in the line of work. There will be certain benefits that you’ll have to give up on in exchange for a lump sum of money. The rules on how much you can get as compensation will be different from one state to another. The settlements can also be paid monthly. In New Jersey, there are two laws that govern the payment of settlements, and they include Section 20 settlements and section 22 settlements.
Section 20 Settlements
When the insurance company disputes or refuses your claim entirely, you can opt for a section 20 settlement. With this kind of settlement, you get everything in the form of a lump sum payment. You might have to give up your risks and benefits because of the payment. It will be impossible to reopen the claim once the settlement has been issued. That is why it is important that you examine all the options before you agree to such a settlement. Once the insurance company has accepted the claim, section 20 settlements will no longer be available.
Section 22 Settlements
As opposed to section 20 settlements, all the workers’ compensation claims can be settled and this will include all the claims that have been accepted. When you agree to such a settlement, you’ll not have to give up on future medical care. Should the condition worsen, you’re allowed to reopen the claim so that you can seek the appropriate compensation. It should be noted that you’ll have two years from the last payment to open the claim.
When Can You Settle the Compensation Claim?
In New Jersey, you can settle the workers’ compensation claim at any time which is not the case for other states. Most people will wait until they’ve reached Maximum Medical Improvement before settling the claim. It is the doctor that will give the final say about your condition once he or she has determined that there are no further improvements that can be witnessed. You should never settle before your condition has stabilized as you could lose the claim.
How Much Will You Get in Settlement
Determining the exact amount that you’ll get for the claim is detailed and complicated. There will be a couple of factors that will determine what is fair in terms of compensation. Since you’re not in the best position to come up with the right figure, there will be no other choice but to reach out to a workers’ compensation attorney. For more information, you can check out https://www.schibelllaw.com/workers-compensation-attorney-new-jersey/
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