Can I Receive a Settlement for My Workers’ Comp Claim in Ohio?

Typically, when you file a workers’ compensation claim in Ohio, you receive benefit payments over a period of time. However, you also have the option to seek a settlement. This can be either (i) a “lump-sum” settlement that results in a one-time payment or (ii) a “structured” settlement that results in a series of guaranteed installment payments. If you are interested in obtaining a settlement, a Columbus workman compensation attorney can negotiate an agreement with the Ohio Bureau of Workers’ Compensation (BWC) on your behalf.

When Can I Seek a Workers’ Compensation Settlement?

You can seek a workers’ compensation settlement any time you have a claim for disability benefits under Ohio’s workers’ compensation law. There are no formal restrictions on your ability to request a settlement (though, as we discuss below, there are several practical issues to consider). In addition to seeking a lump-sum or structured settlement, you can also seek either:

• A full workers’ compensation settlement which resolves both the medical and disability aspects of your claim; or,
• A partial (or “indemnity-only”) settlement which resolves the disability portion of your claim while allowing you to continue receiving medical benefits as needed.

When Should I Seek a Workers’ Compensation Settlement?

Just because you can seek a workers’ compensation settlement, this does not necessarily mean that you should. Settling has pros and cons, and you will want to carefully weigh your options with the help of an experienced Columbus workman compensation attorney. Some of the benefits of obtaining a workers’ compensation settlement include:

• You receive more money upfront. Instead of relying on weekly benefit payments, you receive one large payment (or multiple installment payments) that you can use as you desire.
• Your claim is over. When you settle your workers’ compensation claim, your claim is over. This means that you do not have to deal with the stress and uncertainty of ensuring you continue receiving the benefits you deserve.

Some of the drawbacks of settling your workers’ compensation claim include:

• Your claim is over. While settling can alleviate the stress and uncertainty of dealing with your claim, it also means that you are unable to seek additional compensation if necessary.
• You will need to manage your money carefully. Receiving weekly benefits is similar to receiving a regular paycheck, and most people find this to be manageable. However, if you receive one big settlement check, it will be up to you to make sure you keep the money on hand to cover your bills as necessary.

There are various other important considerations as well, and it isn’t easy to decide which option is best. An experienced Columbus workman compensation attorney can help, and we encourage you to contact us to learn more.

Discuss Your Options with a Columbus Workman Compensation Attorney

If you have questions about seeking a workers’ compensation settlement in Ohio, contact us to discuss your options with an experienced Columbus workman compensation attorney. For a free and confidential consultation, call 888-444-7440 or tell us how we can reach you online now.