A workers compensation settlement comes about when either an employee or an employer feels it would to better to look for a once off settlement to a claim, than receive or pay monies on an ongoing basis. Both parties get together and between them decide on a figure that is agreeable to both.
In an ideal world, this should be a win win situation for both parties. And if we all had a glass ball to look through, giving us a glimpse of the future, then workers compensation settlements would be the perfect ending to an unfortunate story. However, sometimes we find that this is not always the case.
Not having a glass ball, it is important to understand that when a worker opts for a negotiated settlement, in nearly all cases they forfeit the right to claim for any consequential costs or expenses forever and ever. Yes, this means that no matter what happens in the future that can be related either directly or indirectly to your injury, you will more than likely not be able to receive any financial compensation.
Many people are attracted to the lump sum that the settlement offers and the perceived value of receiving that sum today. They also think of all the possible things they could do with that compensation now.
A workers compensation settlement is only a good thing if it takes care of the injury and associated medical costs and treatments in the future.
To this end it is vitally important that ongoing suffering, loss of earnings etc are taken into consideration. Do not be tempted by a quick and easy payment. Take your time, get medical advice, and always get a second and even a third opinion before you agree to any offer.
Remember a settlement is for life not just for Christmas!