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Questions To Ask About Your Workers’ Comp Settlement
Filing a workers’ compensation claim can be a long and stressful process. Getting offered a 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. Attorney at Law Mark L. Newman knows there is a lot to consider before accepting your settlement offer. Here are 5 questions to ask about your workers’ comp settlement.
When should I settle my workers’ compensation claim in Ohio?
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.
How do I file a workers’ comp settlement in Ohio?
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.
Do I have to agree to a full settlement?
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.
What rights do I give up to get a workers’ comp 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.
Is my workers’ comp settlement taxable?
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.
How long does it take to get a workers’ comp settlement check?
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.
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Contact Mark L. Newman, Attorney at Law
When an on-the-job injury prevents you from returning to work, seek legal representation from someone who’s experienced in workers’ compensation law. He will help you pursue the compensation you deserve while you focus on your recovery.
If you have already tried to get workers’ compensation benefits on your own and haven’t been successful, Newman can offer experienced advice and representation. Call 513-721-1350 or visit our website today for 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