Types of Workers’ Compensation Settlements in New York
It is possible to settle your New York Workers’ Comp claim if you choose a stipulation or a Section 32 settlement. Both types of settlement must be submitted to the Workers’ Compensation Board for approval. If you require assistance with your case, contact our New York workers’ compensation lawyer today.
- Stipulation Agreements
Upon the creation of a stipulation agreement, you and the insurance company have agreed to certain facts. At this point, both you and the insurance company may agree that you have a scheduled loss of use. The insurance company will pay the agreed upon benefits if the workers’ compensation board approves your agreement. Also, stipulation agreements may be changed.
- Section 32 Settlements
A Section 32 settlement is a full and final settlement of your workers’ compensation claim. Section 32 settlements require you to release all claims against your employer if they arise out of your work injury. A New York workers’ compensation lawyer will be able to tell you if your claim could potentially qualify for section 32 settlement.
In many cases, a Section 32 settlement will be more limited. A limited settlement may allow you to continue receiving medical benefits in the future, but may end your wage loss claims. Section 32 settlements are somewhat rare. Most insurance companies would rather close a workers’ compensation claim and not pay benefits than leave claims partially open.
Other settlements are usually paid in a lump sum, while Section 32 settlements are paid over time. When a settlement is paid over time, it is commonly classified as a structured settlement.
Typically, structured settlements are used in catastrophic claims or when a worker needs long-term care. They give a worker steady income through scheduled payments (weekly, monthly or annually). Many structured settlements could also include an up-front payment to help with medical bills and other expenses. (For more information, see our general article about workers’ compensation settlements.)
Structured settlements can be used in catastrophic claims or when a worker needs long-term care so that the injured worker receives steady income through scheduled payments while they are otherwise unable to work or are recovering from their injuries. An up-front payment is included in many structured settlements.
Determining Your Settlement Amount
There is no simple formula for valuing a workers’ compensation claim, this is the main reason workers’ compensation lawyers are hired. A lawyer will work to help workers evaluate settlement offers and negotiate with the insurance company due to the complexity of New York workers’ compensation laws.
When evaluating a settlement offer, one should consider several factors, including:
- How much is it likely you are owed in permanent disability benefits?
- The potential cost of future medical bills.
- Any temporary disability payments that the insurance company failed to pay.
- Any unpaid medical bills to date.
- Any penalties that the insurance company owes you for failing to pay your benefits on time.
Contact Our New York Workers’ Compensation Lawyer Today
If you or a loved one has been hurt on the job, the world of Worker’s Compensation claims is likely new to you. If you are unsure about how to get started or afraid of making mistakes, it is best to get in contact with an attorney as soon as possible. They know the process and they know the system. Should you need guidance, advice, or support, an experienced Worker’s Compensation attorney is the best place to get it. Having one on your side can make a huge difference in the outcome of your claim. If you are looking for a workers’ compensation lawyer in NY you should reach out to Polsky, Shouldice & Rosen, P.C. today.
