Workers compensation settlements are made based on permanent total or partial disability, temporary partial or total disability and expected medical treatment. Settlements are either awarded as a lump sum or as a structured settlement in which the claimant receives payments over a specified period of time.Know More
Agreeing to a workers compensation settlement with the insurance company avoids the hassle of going to trial. In some cases, if the employee chooses to refuse the settlement and opts for trial, the judge may determine a smaller reimbursement than that offered by the insurance company. Coming to an agreement with the insurance company tends to be better for both parties.
The type of disability is the primary source of data when it comes to determining benefits. Serious disabilities, for example a permanent total disability like paralysis, normally have a higher payout than something temporary and partial, such as a knee or back injury. Medical expenses, such as expected treatment, may also be included in the settlement.
When it comes to actual reimbursement, the insurance company may offer a lump-sum settlement which means an amount is paid to the employee at one time, with no future payments expected. Another option is a structured settlement. This option pays monies out to the employee at intervals, such as monthly, over a designated period of time.Learn more about Law
Workers' compensation benefits received by workers or their dependants are not taxable in most cases. The exemptions include any compensation that workers would receive as part of their general benefits if they retire.Full Answer >
Common workers' compensation settlements are lump-sum and structured settlements, notes the DisabilitySecrets website. In a lump-sum settlement, certain rights are signed away in exchange for a one-time, lump-sum settlement while a structured settlement features payments made in smaller increments during a pre-determined time frame. The value of a settlement depends on the seriousness or permanence of the injury and other extenuating factors determined on a case-by-case basis.Full Answer >
Workers compensation disability ratings are used to estimate how much a particular injury affects the ability of an individual to perform daily activities. The rating is assigned by a doctor following the completion of medical treatment, according to the Houston Chronicle.Full Answer >
In Florida, construction industry employers with at least one full or part-time employee must maintain workers' compensation coverage, and before subcontractors perform work, they must provide construction contractors with proof of workers' compensation coverage or a certificate of election to be exempt, according to Florida's Chief Financial Officer's Division of Workers' Compensation. Employers who are not in the construction industry but employ at least four full or part-time employees must also maintain workers' compensation coverage as of 2015.Full Answer >