A settlement contract is a negotiated agreement between you and your employer where you agree to end legal proceedings in exchange for money. In Illinois, your Lump Sum Settlement Contract must be approved by the Arbitrator handling your case.
Generally, you never want to settle your workers’ compensation claim until you are at maximum medical improvement. It is always advisable to consult with a workers’ compensation attorney to determine the value of your claim. If you do try to settle the claim on your own, it is likely you will not be receiving the full value for your injuries. There are typically four types of benefits that you should be aware of, and the effects of settling your claim.
If you were off work as a result of your injuries, you should evaluate whether you received the proper amount of Temporary Total Disability (TTD) benefits. Your employer is also responsible for any necessary medical treatment related to your work injury and therefore must pay for those expenses. The final two types of benefits are mostly in dispute; your right to receive a Permanent Partial Disability (PPD) award for permanent injuries and payment for future medical expenses. Because each claim is unique and varies according to the employee’s wages received and injuries he/she sustained, always consult with a workers’ compensation attorney to determine maximum value of your PPD award.
Finally, your right to receive future medical expenses if you need to see a doctor because of your injuries will depend on the prognosis given by your treating physicians. The effects of signing a lump sum settlement contract generally close off your right to receive future benefits including medical treatment as a result of your injuries. It is unlikely an insurance company will offer a settlement and agree to pay for any future medical care you need. The only way to secure future medical expenses is to go to trial and obtain an award.
The final effect of entering into a settlement contract for your workers’ comp claim is that it will close off your right to future benefits for injuries you sustained as a result of your work incident. In order to ensure you receive the proper amount of compensation which you are entitled, please give our office a call for a free legal consultation.
The attorneys at Law Offices of Mathys & Schneid are committed to representing people who have been seriously injured and incur significant medical expenses as a result of work related injuries. Law Offices of Mathys & Schneid continue to handle workers’ compensation claims and all types of other personal injury cases in Cook, DuPage, Kane, Will and Kendall Counties and all throughout the Chicagoland area.