What is an insurance company settlement day?

How insurance company settlement day is like Christmas but everyone is mad about the cost of the gifts.

We attended an insurance company settlement day last week. This was an informal meeting to discuss several of our cases. The insurance company wants to close files and our clients want cash payments.

Settlement is a great option for people who want to move on with their lives. It allows an individual to seek medical treatment on their own terms or get retrained for a new career. Many of our clients simply want to find a new job.

There is an old saying about settlements. How do you know you have reached a fair amount? Everyone walks away mad! The truth is that we have many happy clients. The value of a settlement depends upon several factors including the cost of future medical care and wage earning capacity.

Medical treatment

The cost of future medical care is an important part of your settlement. Make sure your attorney knows about any recent medical treatment. Records from your doctors should be obtained. Has a surgery been recommended? Have you reached maximum medical improvement (MMI)?

Employment status

The amount of settlement depends on how long you will be considered disabled. Your wage earning capacity will play an important part. Let your attorney know about your current work status. Are you performing a good-faith job search? Have you found a new job that pays significantly less?

Medical bills

Many of our clients owe thousands of dollars in unpaid medical bills. It is important to tell your attorney about any statements received in the mail. Find out if your doctors have unpaid balances. It is also possible that medical bills were paid under a group health insurance policy and you need to pay money back. Any liens should be addressed as part of your settlement.

Michigan Workers Comp Lawyers never charges a fee to evaluate a potential case. Our law firm has represented injured and disabled workers exclusively for more than 35 years. Call (855) 221-2667 for a free consultation today.

Related information:

Michigan workers comp lawyer explains the pros and cons of settlement and how to get the most money for your case.

Photo courtesy of Creative Commons, by thethreesisters.

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