The decision to settle your workers' compensation claim, especially if you are actively still receiving treatment for your injuries, is not one to be made lightly. Make sure to consult an experienced workers' compensation attorney before you agree to any kind of settlement for your work injury.
Workers' compensation settlements in Georgia are completely voluntary. This means that neither party or even a judge can force the other party to agree to a settlement. Failure to reach a settlement agreement simply results in the case continuing on until it reaches its natural end.
When the insurance adjuster is evaluating your claim for settlement, they will estimate approximately how much money you would cost them throughout the life of your case. Once they make that determination, they will offer you some portion of that amount.
How much the case is worth is based on the value of the following:
The insurance company will consider the total dollar amount of financial benefits to which you could potentially be entitled throughout the remainder of the life of your claim.
The insurance adjuster will consider approximately how much more in medical costs they will have to pay throughout the remainder of the life of your claim.
If your ATP has assigned a disability rating, the adjuster will do the appropriate calculation to determine the value of your disability. If no rating has been assigned, the adjuster will estimate the rating based off of prior similar injuries.
When estimating the amount your medical care may cost throughout the remainder of your claim, the insurance company does NOT consider the cost to you. They only consider the cost to them, which is much lower than it would cost for you to pay out of pocket.
Unlike other personal injury claims, there is no compensation for pain and suffering or scarring and disfigurement in workers' compensation claims. This is true no matter how painful or traumatic your injuries may be.
Part of the tradeoff for a workers' compensation settlement is that you will likely be required to voluntarily resign from your job. There are a few employers who will allow their employees to continue working even after a settlement, but the vast majority will require a resignation.
While not always the case, most insurance companies really don't want someone who was seriously injured to permanently return to back to work due to the likelihood or reinjury, which means they have to pay out on another insurance claim.
Consequently, although it isn't tecnically one of the 3 factors that determine settlement value, your resignation could incentivize the insurance company to put a little extra money on their settlement offer.
In addition to a resignation, the insurance company will also have you sign a release of all potential claims against the employer. Depending on the insurance carrier, you may receive anywhere from $10.00 to $100.00 in consideration for your signature on the release.
Once you have reached a settlement agreement and signed the necessary settlement documents, the insurance company sends a copy to the Georgia State Board of Workers' Compensation. The board will review the settlement and ultimately approve it barring any glaring issues. This generally takes up to one week but could take longer depending on how many settlements are up for review.
Once the board has approved your settlement, the insurance company has 20 days to mail your settlement check.
If the insurance company fails to mail your check within 20 days of the board's approval of your settlement, then they are subject to a 20% late penalty on top of your settlement.
Insurance companies are notorious for sending checks late while the claim is still open, but this 20% late penalty on a lump sum settlement tends to incentivize them to pay on time. As a result, the settlement process tends to move fairly quickly and most people receive their checks within about a month of reaching the final settlement agreement.
At The Barionnette & Eisenhower Law Firm, LLC, we have over 20 years of experience representing clients in personal injury cases. Our team of dedicated attorneys will work tirelessly to ensure that you receive the justice and compensation you deserve. Contact us today to schedule a free consultation and learn how we can help you.
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The Barionnette & Eisenhower Law Firm, LLC
2310 Parklake Drive, Suite 460 - Atlanta, GA 30345
P: 404-225-1501 — F: 678-305-0908