Agreeing to enter a settlement agreement after an injury is a great step forward, but it isn't the end of your legal concerns. You need to look deep into the details of the settlement and even deeper into your financial situation now and in the future--a difficult task when you consider how much the economy and your own income situation may change. If your initial worker's compensation claim isn't enough, consider a few circumstances that may change the way you view a given compensation plan and how it can help you prepare for an uncertain financial future.
Time-Based Or One-Time?
Whether you true the intentions of your legal opponent or not, you need to consider the two likely standpoints in the settlement: sufficient compensation for you versus the lowest payment possible for your legal opponents. These two standpoints are constantly at battle with each other, and the type of settlement may confuse you when it comes to understanding a settlement's intentions.
A time-based or structured settlement is designed to stretch the compensation payments out over time. Depending on the severity of your injuries and the amount of compensation suggested, it's reasonable to believe that your opponent may not be able to pay everything up front.
The structured settlements can be beneficial as long as they represent a sufficient percentage of your monthly income. Small payments over many decades may be nearly useless to you, so it's important to look at the language used for the settlement. It may be morbid, but you need to consider how useful a structured settlement can be if you're not alive for the full duration.
For one-time, lump-sum settlement payments, think about the size of the settlement and what it means. Is the amount really enough to support your injuries for their duration, even if it's for the rest of your life? Is the settlement a large, distracting number designed to tempt and distract you?
The answer isn't easy to discover, and ultimately depends on your financial outlook. It takes the help of a financial analyst and a worker's compensation attorney to arrive at the numbers that can support a comfortable life with your injury.
Your Working Potential May Be At Risk
A settlement following a worker's compensation claim may not be enough to secure your future. If worker's compensation is barely supporting you, there may be danger ahead for your career path--not just your current job.
Consider your job performance and how it can affect your ability to be promoted. If you lose your job for any reason or have to find another job, how difficult will it be to find another job in your condition? Not easy, especially if your current company closes for any reason.
The settlement needs to consider the ways that your injuries affect your ability to earn an income. If necessary, job training programs or an agreement to cover the cost of college may be required to keep your income level acceptable and make it possible to move higher up the income ladder.
Contact a worker's compensation attorney like Law Office of Leslie S. Shaw to evaluate your compensation claim, injury history and settlement options.Share