Get The Help And Results You Need After An Injury

Ohio Workers' Comp Settlements

Work injuries can send you and your family into financial turmoil. On top of your injuries, the lack of income adds stress to your household. Don’t watch your family suffer financially. Pursue benefits under Ohio workers’ compensation law. File your case and seek the compensation you deserve with the help of seasoned workers’ compensation attorney Mark L. Newman. Filing a workers’ compensation claim can be a long and stressful process.

After experiencing a workplace injury, an injured worker may be unsure of how he or she can receive compensation. Some employers may ask their injured workers to settle their claim. While a settlement may be right for your claim, you should be aware of the potential drawbacks of a settlement. 

Getting offered a workers’ comp settlement can feel like you’ve reached the light at the end of the tunnel. But how do you know that this offer is what’s best for you? The best way to do this is to consult with your lawyer. Ohio Workers’ Comp specialist Mark L. Newman knows there is a lot to consider before accepting your settlement offer.

Talking to a workers’ compensation lawyer is the most direct way to get answers to your questions. You can discuss your workers’ compensation claim with attorney-at-law Mark L. Newman in a free consultation. He will review the specifics of your claim and help you to understand a workers’ compensation settlement.

An injured worker can settle their claim with the Ohio BWC or self-insured employer at any time. Whether it is in your best interest to settle your claim depends on several factors. Generally, it is best to wait until your injuries heal and you are no longer receiving medical treatment. Every claim is different so it is important to contact an experienced attorney like Mark L. Newman to advise you whether a lump sum settlement is in your best interest, and calculate the settlement value of your claim. 

If a work injury resulted in death, the workers’ spouse and/or dependent children can pursue death benefits. It can be difficult to file for these benefits with all of the documentation and requirements. This is where a workers’ comp attorney can help to speed up the process. He can help ensure that you file the correct paperwork in a timely manner. 

In the state of Ohio, the state must approve your workers’ comp settlement. How you go about filing  your settlement depends on whether your employer is a state funded or self-insured employer.

 

If your employer is self-insured, you need to file documents with the Industrial Commission. These documents include Form SI-42 and Form S1-43. The Industrial Commision will review the documents and approve the settlement.

 

To file a settlement application with an  employer who’s insured by the state, you will submit your documents to the Ohio BWC. Among these documents is Form C-240. The BWC will then contact your attorney and negotiate a settlement.

Once either the BWC or the Industrial Commission receives these documents, they will review your claim. If they believe the settlement appears to be fair, they will approve your settlement and send you a letter.

There are two ways that workers’ compensation settlements are handled in Ohio. 

  • Full Settlements
    • In full settlements, the injured worker must agree to give up his or her rights to future benefits. This is in return for a specified amount of compensation. 
    • Depending on the settlement, the injured worker might also have to start a Medicare Set-Aside account for future medical expenses.
  • Indemnity-only settlement
    • This is a partial settlement of future compensation only. 
    • It allows the injured worker to settle the compensation portion of the claim and leave the claim open for future medical benefits. 

Most workers’ comp settlements in Ohio are paid as a one-time lump sum. In some instances it’s possible to receive compensation in installments over a specific period of time.

To receive compensation from the settlement, the worker must first waive the right to sue their employer. If you claim that you were hurt due to the negligence of your employer or another third party, you shouldn’t wave this right. You can press for a lawsuit and take the case to court to sue for any damages you received. 

Whether you choose to settle or you want to file a lawsuit, you’ll need an experienced lawyer to represent you. As your attorney, Mark Newman will help you understand the benefits and drawbacks of a settlement. Do not start the settlement process without first calling our firm to discuss your options.

The settlement can be a full and final settlement or a partial settlement for medical benefits or compensation only. Most settlements are full and final settlements of the claim. Settlements are voluntary in Ohio.  The injured worker, employer and Ohio BWC must all agree to the terms of the settlement. 

 

The settlement can be a full and final settlement or a partial settlement for medical benefits or compensation only. Most settlements are full and final settlements of the claim. Settlements are voluntary in Ohio.  The injured worker, employer and Ohio BWC must all agree to the terms of the settlement. 

 

A lump sum settlement results in the closure of your claim. In exchange for your lump sum settlement compensation, you agree to forever give up your right to past, present, or future medical benefits or payment of compensation in the claim. This includes the right to future temporary total, wage loss compensation, or permanent partial disability compensation. In a partial settlement you only give up your right to future medical treatment or compensation.

 

When the amount is given, the employee and their employer’s insurance will either agree or choose to appeal. An appeal is only permitted for 30 days after the decision is given. Both sides are able to appeal either the entirety of the settlement or certain parts of it. 

There are a lot of misconceptions about workers’ compensation. One of them is that the settlement from a workers’ compensation settlement is taxable. Workers’ compensation settlements are not taxable. Because a lump sum settlement payment is not considered “earned” income, state and federal taxes don’t apply to settlement money.

There are several steps that must be taken before you receive your settlement check. First, you need to file a Settlement Application (C-240) with the Ohio Bureau of Workers’ Compensation. Approximately, 3-4 months after the Settlement Application is filed an Ohio BWC claims specialist  will contact you or an experienced workers’ compensation  attorney like Mark L. Newman with a settlement offer.  Once the parties agree to a settlement amount the Ohio BWC will issue an order approving the settlement. 

 

An approximate timeline for the the workers’ comp settlement process is as follows:

  • 3-4 months to receive a settlement offer from Ohio BWC
  • 7 days to receive the Ohio BWC order approving the settlement agreement.
  • 30 day waiting period from the date the order approving the settlement is issued for the settlement to be finalized.1
  • 7-10 days for Ohio BWC to mail your check

You should ask your lawyer for a rough estimate of how long they think it will take to process everything.

Speak With A Cincinnati Workers' Comp Settlement Attorney Before Accepting A Settlement

Since 1989, Mark L. Newman, Attorney at Law, has devoted his practice to helping injured and disabled clients. He will review all aspects of your case and help you determine if accepting a workers’ compensation settlement is in your best interests. He will advise you on the best course of action for your claim and fight to get you the best possible outcome.  Give Mark a call today to schedule a free consultation at 513-721-1350 or fill out our online form to get in contact with us.

Schedule A Consultation Today

To learn more about potential workers’ compensation benefits, contact attorney Mark L. Newman today. You can reach us by phone at (513) 533-2009, or via email to schedule your free consultation.

Mark L. Newman Attorney at Law

3074 Madison Road Suite 2N
Cincinnati, OH 45209
Phone: (513) 533-2009
Fax: (513) 721-2301