Have you sustained work-related injuries in Georgia? If you have, you are eligible to receive workers’ compensation. Workers’ compensation can cover expenses like your medical bills. Also, you will be able to claim wage-loss benefits for being unable to work.
Your employer’s workers’ compensation insurance provider will pay you only after a workers’ compensation hearing. The hearing can take time, and the results may not be in your favor.
For this reason, finalizing the settlement of your workers’ compensation is a better option. A settlement entitles you to receive your workers’ compensation benefits before the hearing.
Before finalizing your workers’ compensation settlement, you must be aware of certain things. Read on to learn everything you need to know about completing your workers’ compensation settlement in Georgia.
What Is a Workers’ Compensation Settlement?
In Georgia, a workers’ compensation settlement is an agreement between you, your employer, and the insurance provider. It is an agreement that will result in the closure of your compensation claim. In return, the workers’ compensation insurance provider will pay your benefits.
In Georgia, you can enter into one of two types of settlement agreements. There are liability settlement agreements and non-liability settlement agreements.
In liability settlement agreements, your employer admits to being liable for your injuries. As a result, your employer pays your settlement through the insurance provider.
Non-liability settlement agreements are the alternative when your employer contests your eligibility for benefits. Nevertheless, you will still receive compensation benefits — though at a lower amount than expected.
You can receive your settlement payment either in a lump sum or in installments. Either way, you will receive your settlement payment in a check ordered by the State Board of Workers’ Compensation (SBWC).
What is the Catch?
Getting an early settlement may sound like the ideal scenario — and it is, in most cases. However, if you opt for a settlement, you will relinquish certain rights.
The most important right you will be giving up is your right to further compensation. Further compensation is crucial, especially when your injuries require more rehabilitation and treatment.
In short, your settlement will bar you from receiving any additional coverage for your treatment or rehabilitation. For this reason, the best time to consider a settlement is when you have reached the point of maximum medical improvement (MMI).
How Do I Finalize My Workers’ Compensation Settlement?
If you have decided to settle, you need the counsel of workers’ compensation lawyers in Georgia. Lawyers can provide counsel on the best terms for your settlement.
After drafting the terms of your settlement, you and your attorney can meet with your employer and the insurer. Once all parties agree to the terms, you must file your settlement finalization with the State Board of Workers’ Compensation (SBWC).
You must include the following documents as attachments:
- The agreement to settle signed by you, your employer, and the insurance provider
- The initial report of your injury
- Medical records
Another document to attach is the lawyer’s fee agreement. You should also include any document related to fees and expenses.
The State Board will then review your settlement. An approval follows if you have presented sufficient documentation.
When Can I Expect My Settlement Check?
Barring unusual circumstances, you can expect your check 30 to 60 days following the SBWC’s approval. You may receive one check if you have arranged for a lump sum payment. Otherwise, you will receive several if you have opted for structured installments of payments.
Do I Keep 100% of the Settlement Amount?
You do not get to keep 100% of your workers’ comp settlement. The amount you receive will be the settlement amount after deductions. The deducted amounts will pay for legal fees, outstanding medical expenses or hospital bills, and disability advances.
Other deductibles from your settlement can include unpaid child support and your Medicare set-aside account.
Contact Experienced Workers’ Compensation Lawyers in Georgia
Workers’ compensation settlements can be tricky if you go about them yourself. You need experienced workers’ compensation lawyers representing you.
We are a call away if you need help with your workers’ compensation settlement. Reach out now for legal counsel and representation that gets you a full and fair settlement in Georgia.
