When Should I Accept a Workers’ Comp Settlement in Ohio?

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How to Make the Right Decision for You and Your Future

The payments and medical care you get from a workers’ compensation claim after a work-related injury or illness are a profound relief.

They help make up for lost wages and give your family peace during a difficult time.

While you’re on the mend, you may wonder, “When should I settle my Ohio workers’ compensation claim? ” When is the right time to ask for a large, lump sum payment rather than continue waiting for each check?

A workers’ compensation settlement is not a decision to take lightly. It provides money in exchange for closing out your claim and ending your benefits going forward.

To decide whether settlement is right for you, you have to weigh your current and future health needs, and your current and future costs. No one has a crystal ball.

At Horenstein, Nicholson & Blumenthal (HNB), our experienced workers’ compensation lawyers are equipped to help you make the best decision for your needs. We know the system and can advise you on the outcomes that you should consider.

We’ve secured over $500,000,000.00 in awards, benefits and settlements for our injury clients.

If you live in Cincinnati, Cleveland, Columbus, Dayton or anywhere in Ohio, and you’re unsure if settlement is right for you, don’t hesitate to call HNB.

We want our clients to say, “Helping me, that’s HNB.”

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How to Approach a Workers’ Compensation Settlement Negotiation

When considering a settlement for your workers’ compensation claim, it’s important to remember that it’s final.

Once you settle, your claim ends and you may not be able to collect future benefits related to your work injury or illness.

That doesn’t mean it’s the wrong choice. But you need to understand your options and understand the impact that taking a settlement will have on your future. A settlement provides an opportunity for you to stop having to deal with the claim and move forward with your life.

These are some critical points you should consider when thinking about a settlement.

1) It’s more than just asking. When you request a settlement, you have a settlement negotiation with your employer or the Ohio Bureau of Workers’ Compensation (BWC) to reach a final amount. After the parties reach an agreement, the Ohio Industrial Commission will review it to ensure that the settlement is fair and follows the law.

2) You don’t have to take the first offer. In some cases, your employer or the BWC will ask you if you are interested in settlement. Sometimes you will be presented with an offer that seems tempting. This is when you want someone who knows the law and how to value claims by your side. The first offer is rarely the final offer. HNB will ensure that your settlement is the maximum offer and that you are not being low-balled.

3) Payment options come in different forms. While you could take one lump sum payment, you can also negotiate a “structured settlement” that provides the money in a series of payments. Look at your financial situation and what’s best for managing your money.

4) A settlement could end your medical benefits. Workers’ compensation settlements can end your replacement wages, your medical benefits, or both. If you’re still receiving medical treatment for your job injury—or you develop a complication related to your injury in the future—you won’t have coverage through workers’ compensation anymore.

5) A settlement could end your employment. Often injured workers who agree to a settlement also give up their job with the company where they were injured. Consider your ability to line up another job if you need to.

6) A lump sum may impact your other benefits. If you’re receiving Social Security Disability, Veterans Affairs disability, Medicare or Supplemental Security Income (SSI), a workers’ compensation settlement could impact these other benefits. This is a very common situation. A dedicated workers’ compensation lawyer from HNB can explain the effect that settling your workers’ comp claim would have on your other benefits.

When considering a workers’ compensation lump sum or structured settlement, you need to plan. Planning is easiest when you have someone with you who knows all the ins and outs of this decision. At HNB Law, we handle settlement negotiations for thousands of workers across Ohio.

Start by getting us to review your case at no charge.

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What Are the Other Paths Your Claim Can Take Besides a Workers’ Compensation Settlement?

No one can force you into a settlement of your workers’ compensation claim. Instead of settling, you can continue to receive the benefits awarded to you after you were hurt on the job.

In that case, your benefits may come to an end through other means. These include:

You healed and went back to work. Your Temporary Total Disability Compensation (TTDC) benefits will end. In some cases, you may still receive medical coverage if you need further treatment to keep your condition stable.
A BWC-certified doctor attests that you can work. Even if you haven’t returned to work, but your employer has a position for you and you’re considered medically fit, your benefits can end.
You reach the five-year limit. In Ohio, workers’ compensation law dictates that a claim is closed five years after the last compensation payment or medical treatment provided through that claim. Every time you receive a check or treatment under your claim, the five-year clock is reset. That’s why it’s important to continue regular checkups for your injury so that your claim doesn’t expire under the law.

A settlement negotiation may be good for you and your family. Settling your workers’ compensation claim is a tool to secure the most helpful benefits for you. But be sure you handle it carefully.

At HNB, we help all kinds of workers at any stage in the workers’ compensation process in Ohio. Our workers’ compensation lawyers walk you through all the complicated decisions.

Helping you stabilize your finances, plot your job options, and plan for a better life is what we do. Let’s get you on the right path for a bright future.