How to Know If You’ve Been Offered a Fair Workers’ Comp Settlement in Ohio

Introduction

Workers’ compensation is a critical safety net for employees who suffer injuries on the job. In Ohio, the Bureau of Workers’ Compensation (BWC) often provides compensation in the form of bi-weekly payments. However, there are situations where a lump sum settlement may be more beneficial. The question then arises: how do you know if you’ve been offered a fair workers’ comp settlement? This article aims to guide you through the process.

Types of Workers’ Compensation Settlements in Ohio

Full Settlement

A Full Settlement is the most straightforward but also the most final type of workers’ comp settlement. In this arrangement, you agree to give up all future claims to workers’ compensation benefits related to your specific injury. In return, you receive a lump sum payment that closes out your case.

Medicare Set-Aside Account

One important aspect to note is the potential requirement for a Medicare Set-Aside account. This is an account you may need to establish to set aside a portion of your settlement funds for future medical expenses related to your injury. The purpose is to ensure that Medicare is not billed for these future expenses, as they should be covered by the workers’ compensation settlement. This adds an extra layer of complexity and responsibility, as you’ll need to manage this account carefully to comply with federal regulations.

Indemnity-Only Settlement

Indemnity-Only Settlements are less common in Ohio but offer more flexibility. In this type of settlement, you agree to settle only a portion of your workers’ compensation benefits, typically the wage replacement portion, while leaving the door open for future medical claims related to the injury.

Partial Closure with Future Medical Care

The key advantage of an Indemnity-Only Settlement is that it allows you to continue receiving medical benefits for your injury even after the settlement. This can be particularly beneficial if your condition is expected to require ongoing or future medical treatment. However, it’s essential to be clear about what aspects of your benefits are being settled and what remains open, as this will affect your future rights and options.

By understanding these two primary types of workers’ compensation settlements in Ohio, you can make a more informed decision about which is most suitable for your situation. Each has its own set of complexities, and it’s crucial to consult with an experienced workers’ comp attorney to navigate these options effectively.

Factors to Consider: Is a Lump Sum Settlement Right for You?

Before accepting a lump sum settlement, there are several important factors you should consider to determine if it’s the right choice for you:

Types of Benefits You’re Receiving

The kind of workers’ comp benefits you’re currently receiving can have a significant impact on whether a lump sum settlement is advantageous. For example, if you’re receiving permanent disability benefits, these are likely to continue for an extended period and may have long-term implications for you and your family. In such cases, you’ll need to weigh the pros and cons carefully before opting for a lump sum.

Likelihood of Continued Benefits

If there’s a strong possibility that your current benefits might be discontinued or reduced in the near future, then a lump sum settlement could offer a more secure financial cushion. This is especially true if you’re facing uncertainties about your employment or medical condition.

Immediate Financial Needs

If you have urgent financial obligations, like medical bills or mortgage payments, that you’re struggling to meet with bi-weekly payments, a lump sum settlement can provide the immediate financial relief you need. However, it’s crucial to balance this immediate need against future financial stability.

The Importance of Legal Counsel in Securing a Fair Settlement

Navigating the intricacies of workers’ comp settlements is not straightforward. An experienced workers’ comp attorney can be invaluable in helping you understand the various factors that should influence your settlement amount. Since workers’ compensation settlement agreements are legally binding and cannot be changed once finalized, having legal counsel ensures that all your interests are adequately protected. An attorney can guide you through the negotiation process, helping you arrive at a settlement that is both fair and comprehensive.

By paying attention to these considerations and seeking professional legal advice, you can better ensure that you’re receiving a fair workers’ comp settlement.

Conclusion

Determining a fair workers’ comp settlement in Ohio involves multiple considerations, from understanding the type of settlement to assessing your future needs and earning potential. While the BWC does not require you to retain an attorney, having one can make a significant difference in ensuring that you receive a fair settlement.

Remember, each case is unique, and what may be a fair settlement in one case may not be in another. Therefore, it’s essential to consult professionals who can provide tailored advice suited to your specific circumstances.

Free Consultation