Determining whether or not you should settle your worker’s compensation case is a big decision, and it can often be difficult to determine whether settling is the right choice. One way to alleviate uncertainty regarding the settlement process is by seeking the assistance of experienced Arizona legal counsel. In fact, consultation with an experienced Arizona workers’ compensation attorney is one of the best ways to determine whether settling is the right decision for you. Below is some information to help you get familiarized with the settlement process.
While settling a workers’ compensation case is often the right decision, it’s important to understand what you are giving up when you decide to settle. For example, those who settle workers’ compensation cases in Arizona forfeit their right to future benefits, including disability benefits, payment of medical bills, and the right to reopen the claim. An experienced Arizona workers’ compensation attorney will be able to explain in detail exactly what you’re giving up when you settle.
For undisputed claims, you can’t settle until your doctor believes that your condition is stable and won’t continue to improve with treatment. Disputed claims, on the other hand, may be settled at any time. However, most workers’ compensation attorneys recommend that you wait until your condition has stabilized to settle because it can be difficult to assess the value of your case while you are still recovering.
Determining a claim’s settlement value is complicated. In fact, due to the difficulty associated with accurately determining the value of a claim, this may be the primary area in which the assistance of an Arizona workers’ compensation attorney is the most beneficial to those considering settlement.
In most situations, you won’t have to pay any taxes on your workers’ compensation settlement. However, settling a workers’ compensation case can impact your eligibility for some federal tax credits. In addition, there are certain items that are deducted from workers’ compensation settlement checks, including:
All injured Arizona employees should approach workers’ compensation settlement offers with extreme caution. Before settling a claim, it’s important to understand exactly what you are giving up and what you are receiving in exchange. In order to ensure that you are fully compensated for your injuries, we highly recommend consulting with an experienced Arizona workers’ compensation attorney prior to beginning the settlement process. Therefore, if you or a loved one have been injured on the job, please contact Arizona Injury Law Group, Attorneys at Law, PLLC, as soon as possible for a free consultation.
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