September 7, 2021

Pros and Cons of a Workers Comp Settlement

If you've suffered an injury while working in Maryland, you'll need an experienced workers' compensation attorney to protect your rights to weekly benefits. These weekly benefits can cover your expenses related to stacking medical bills, time spent out of work, and more. For many workers who have been on the receiving end of a workers compensation judgement ruled in their favor, these weekly benefits can make all the difference between financial loss and staying financially healthy throughout your work-related injury. In some workers comp claims, you might consider seeking an outright lump settlement instead of weekly claim benefits. Here's what you should know about workers comp settlements. 

What is a Workers Comp Settlement?

If you decide to go after a workers comp settlement, you should take into account that it may turn into a costly legal battle with your employer. A workers comp settlement is typically pursued after a worker has reached the MMI, or maximum medical improvement within a recovery period. You'll want to meet your MMI to ensure that the settlement you receive can recoup the financial losses accrued from your work-related injury. If you file for a settlement too early into your recovery, you may have to pay out of pocket for any future medical bills related to your workplace injury. If you feel as though a workers comp settlement is preferred over weekly benefits, then you'll need a highly experienced Workers Comp attorney to advocate on your behalf. 

Is a Workers Comp Settlement Right for Me?

There are pros and cons to settling a worker's compensation claim. On one hand, receiving a tax-free lump sum payment upfront can help financially compensate a worker after months of undergoing physical therapy and being out of work. Additionally, this money can be used how you wish and can even be applied to job retraining. On the downside, a workers comp settlement is considered a final financial judgment. That means if your settlement is too low, you cannot ever reopen your claim. This differs from workers who choose to receive weekly benefits -- they may reopen their claim up to five years after receiving their last weekly payment. 

Does My Workers Comp Settlement Need to Be Approved?

All workers comp settlements in Maryland have to be reviewed and subsequently approved (or denied) by the Maryland Workers Compensation Commission. For your worker's compensation settlement to be approved or denied, your paperwork and appropriate documentation will need to be filed with a highly experienced Workers Compensation attorney. Don't go without legal representation when seeking out a workers compensation settlement when Shultz Legal can get you the workers compensation settlement that you're looking for. 

Shultz Legal Can Represent Your Workers Compensation Claim 

Shultz Legal is your experienced workers' compensation law office with convenient locations in Baltimore and Bowie, MD. We have the expertise to help ensure that you or a loved one can navigate the Workers Compensation claim process with confidence. Contact us today to help secure your rightful benefits and recoup financial losses from mounting medical bills. Give us a call at (410) 505-7627 or submit a request for a case consultation using our online contact form.