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Important facts about a workers’ compensation settlement

| Jun 28, 2018 | Workers' Compensation |

For workers who were injured on the job in Ohio, workers’ compensation benefits can be a lifeline to cover their medical expenses and provide income while they are unable to work. Some workers, however, would like to settle their claim with the Bureau of Workers’ Compensation (BWC) and move on. Understanding important points about a settlement is key before deciding to take this step.

This settlement will be for a certain sum. Once the claim is settled, any payments — medical and compensatory — will be concluded, and there is no obligation to pay anything more regardless of the circumstances. There is no single way the BWC will determine the settlement amount. It is an amount that the BWC believes is reasonable to settle the case based on the injury, and the future for the injured party. All aspects, including medical and compensatory, will be factored in.

Once the settlement amount has been approved, it will be effective the day the BWC mails it to the worker. There will then be a 30-day waiting period. Both sides can decide to withdraw, if they want to. It is also possible to renegotiate the terms. There is no waiving of this waiting period. If there is no written withdrawal sent to the BWC within the 30 days, the agreement is binding. If the worker wants to withdraw from the settlement, it can be done for any reason in those 30 days. The request must be sent in writing prior to the expiration of that time-period. A letter of explanation will be sent to all parties if there is a withdrawal.

When there is a workplace accident and the worker is getting workers’ compensation benefits but would like to settle the claim and move on, it is possible to do that. Before taking that step though, it is important to consider all the various factors that will arise including withdrawing from the agreement. A law firm that is experienced in helping those seeking or receiving workers’ compensation should be consulted before making any decision.