Michigan workers’ comp lawyer talks about settlement and who might qualify for a lump sum cash payment.
Will I get a settlement from workers’ comp in Michigan? This is a question frequently asked by our clients, and it always depends upon individual circumstances. Some people return to work quickly and there is little incentive for the insurance company to pay money to settle. Others will be disabled for much longer, and it might make sense for them to ask for a lump sum cash payment. Here are some issues to think about when considering a possible settlement.
Why is a lump sum of cash a great option?
Settlement is a great option for many disabled employees because it gets the insurance company off their back. It allows them freedom to do medical treatment and vocational rehabilitation on their own terms. Workers’ comp benefits are traded for a lump sum cash payment and the parties go their own way. This money can be used for any purpose including medical treatment, starting a business, paying off debt, or retirement. Settlement is income tax free.
What will determine if I will get a settlement from workers’ comp in Michigan?
Getting a settlement from workers’ comp in Michigan will depend upon how much the insurance company anticipates it must pay for additional medical treatment and lost wages in the future. Insurance companies are smart, and they don’t want to overpay. Insurance companies rarely pay enough money to settle when a person has returned to work, stopped medical treatment, or taken a voluntary retirement. Timing is everything so consult a lawyer before making any settlement decisions.
Watch out for the IME or vocational assessment
Watch out for the independent medical examination (IME) or vocational assessment. These are tools used by insurance companies to reduce what needs to be paid and will certainly impact settlement value. Insurance companies are motivated to settle claims, but they are going to do so using their most favorable terms. A settlement usually requires that an employee resign from his or her job and waive any future claims. It might not be worth giving up workers’ comp benefits for a small amount of money.
What will ensure that I will get a workers’ comp settlement in Michigan?
You will get a workers’ comp settlement in Michigan if the insurance company believes it to be in their best interests to offer one. Medical and vocational evidence must show a continuing need for benefits to be paid. Insurance companies make settlement offers based upon what they think it will cost them in the future.
Do not enter settlement negotiations without speaking to an experienced lawyer first. Understanding medical and legal issues is the key to getting a fair settlement amount. We help people get the most amount of money possible. Attorney fees are a small percentage of the total settlement and get made up by higher amounts. There is never a charge to evaluate a case for settlement.
Need help? Contact our lawyers for a free consultation
If you have questions about your Michigan workers’ comp settlement or want a second opinion about your work injury claim, call us now, or fill out our contact form for a free consultation. There is absolutely no cost or obligation. We’re here for you.
Our attorneys have been exclusively helping injured workers in Michigan for more than 35 years and can help you better understand Michigan workman’s comp laws and explain what happens if you or a loved one has been hurt on the job. To see what our own clients have to say about the caring, compassion, and communication they received from us, you can read in their own words about their experience here on our testimonials page from clients we have helped.
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 (844) 316-8033 for a free consultation today.