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Ohio Workers’ Comp Settlements

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 an experienced Ohio workers’ compensation lawyer.  Attorney at Law Mark L. Newman knows there is a lot to consider before accepting your settlement offer. Below, we’ll provide some answers to a few commonly asked questions regarding workers’ compensation settlements.
Ohio Workers’ Comp Settlement FAQs

Workers’ Comp Settlement FAQs

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 Ohio Industrial Commission. These documents include Form SI-42 and Form S1-43. The Industrial Commission will review the documents and approve the settlement agreement.

To file a settlement application with an employer who’s insured by the state, either the injured worker or his or her employer will submit the appropriate documents to the Ohio Bureau of Workers’ Compensation (BWC). Among these documents is Form C-240. The BWC will then contact your workers’ comp 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 Ohio workers’ compensation settlement and send you a letter. All parties involved must agree to the settlement terms.

An injured worker can settle their workers’ comp 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, including the extent of your specific injury. Generally, it is best to wait until your injuries heal and you are no longer receiving medical treatment. This is known as reaching maximum medical improvement. A worker is considered to have achieved maximum medical improvement (MMI) when their condition has become stable and further medical treatment is unlikely to result in any significant improvement.

However, it’s important to keep in mind that every claim is different so it is important to contact an experienced attorney like Mark L. Newman to advise you whether a lump sum payment is in your best interests and properly calculate the settlement value of your claim.

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 for compensation related to the injury. This is in return for a specified amount of compensation paid in a lump sum settlement.
    • 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 needs.

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

Your workers’ compensation settlement in Ohio 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. But remember, settlements are voluntary in Ohio and 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 claims for temporary total, wage replacement benefits, or permanent disability benefits. In a partial settlement, you only give up your right to coverage for future medical treatment or compensation.

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 injured workers must take before receiving their workers’ compensation 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 your workers’ compensation attorney 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 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.
  • 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.

Workers’ comp settlements in Ohio can range anywhere from a few thousand dollars to millions of dollars, though recovering millions is rare and typically reserved for very extenuating circumstances. The average workers' compensation settlement varies due to many factors, including the specific injury sustained and the extent of medical bills incurred. Typically, settlements consider the severity of the injury, the impact on the worker's ability to return to work, and the total cost of medical treatment. For less severe injuries with lower medical bills, the settlements might be smaller, but more significant injuries requiring extensive medical care can lead to higher settlements. It's important to note that each case is unique, and the settlement amount can differ greatly depending on individual circumstances.

Navigating the Ohio workers' compensation process can be challenging, particularly when it comes to reaching a fair settlement. While it's not legally required to have an attorney to settle your workers' compensation claim, having an experienced workers' compensation attorney like Mark L. Newman can be incredibly beneficial. These attorneys are well-versed in the intricacies of the Ohio workers’ compensation system and can help ensure that injured workers receive the compensation they deserve. A qualified workers' comp attorney can be crucial in negotiating a fair Ohio workers’ compensation settlement. They can help in accurately calculating the worth of your claim, taking into account factors like future medical care, lost wages, and the impact of the injury on your ability to work. Moreover, an attorney can effectively navigate any legal hurdles or disputes regarding your claim, ensuring that your rights are protected and that you receive the compensation required to pay for your recovery and related expenses. So, while it's not mandatory, equipping yourself with knowledgeable legal representation can play a huge role in securing the maximum settlement possible in the complex world of workers' compensation in Ohio.

Contact Experienced Cincinnati Attorney Mark L. Newman For Help With Your Ohio Workers’ Compensation Claim

When a work injury prevents you from returning to work, it is in your best interest to seek experienced legal counsel from someone with a successful track record 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 or settlements on your own and haven’t been successful, Attorney at Law Mark L. Newman can offer experienced advice and representation. He can also provide assistance with other claims, such as personal injury or social security disability claims. Call (513) 533-2009 or contact us via our website today to set up your initial consultation.

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To learn more about a workers’ compensation settlement, 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) 991-6439


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