A settlement is an agreement between parties that is voluntary. Settlements typically involve an exchange of funds as compensation. When you and an insurance company arrive at an agreement, and this agreement resolves your workers’ comp case, you ultimately give up your rights in your case. Often, this means the insurance company is making a lump sum settlement (one-time payment) to you, closing out your case except for medical benefits. Lump sum settlements are not typically available until you have been disabled by your injury for a period. This period is at least 12 months, but can be approved sooner if it’s in the claimant’s best interest.
When an insurance company makes a lump sum settlement, you are also giving up rights to any benefits you may receive in the future. Medical coverage is, however, exempt. After receiving your settlement, your medical coverage will continue. In NH worker’s compensation cases, lump sum settlements are most common.
Alternative agreements may be arranged between you and the insurance company. Instead of a one-time payment, the insurance company may arrange payments over time or allow other rights to remain open and available. Ward Law Group workers compensation attorneys will help get your settlement approved as soon as possible.