What Should I Think About Before Settling
My Workers’ Compensation Claim?
What are some things I should consider before settling my workers’ comp claim?
It is important to do a cost-benefit analysis to figure out if your settlement is worth it.
The Cost-Benefit Analysis
Before settling your workers’ compensation claim, you should conduct a cost-benefit type of analysis where you consider what monies you are likely to receive in future weekly checks and other benefits to the natural end of your case. If you weigh that amount against what you are being offered in terms of a settlement, you might find that you could potentially recover more in a settlement than what you are likely to collect on a weekly basis if you don’t settle. On the other hand, you may feel that you are likely to collect more money, albeit on a weekly basis, if you do not settle.
It's Not All About Money
Anyone who is considering settling their workers’ compensation case has to consider a lot of things besides the money, such as future medical treatment and whether or not they have a job to return to, or health coverage. At the end of the day, the key factor will be comparing the amount of a settlement to the amount you are likely to collect without a settlement, understanding that it is impossible to know for sure how much that will be.