workmans comp settlements are a necessary part of the worker's compensation claim process. The process can become long and complicated and there may be levels of uncertainty which either the employee or the employer feel are risky. If one side of the claim feels that the outcome has become uncertain and wants to take control of their situation, they may suggest a settlement.
If you are an injured worker, It's important to understand that settlements generally require a full compromise and release of your claim. This would mean that you lose wage-loss payments as well as medical benefit payments. Accepting a settlement may seem like a good idea initially, but, your injury may cause ongoing problems and you may have long term costs and expenses that exceed the amount of the settlement.
In most states, settlement amounts are based on the nature of the injury and the ability of the worker to return to some form of work. Workers that have more severe injuries such as back injuries or neck injuries are more likely to receive higher settlement offers compared to workers that have less critical issues.
Laws regarding settlements vary in each state. Here is an example for Iowa which provides six forms of comp settlements
These forms of settlement are for Iowa and the laws differ in each state. Injured workers would likely benefit from the advice of an experienced workers comp attorney when trying to navigate through the laws for workmans comp settlements.
You may find general information for each state in the navigation bar on the left. Make sure you understand the laws for your state and also understand that a settlement is not a decision to made lightly. It's not a "lottery" that has been won. There are many important considerations which may impact your life for years.
Find out about workers comp codes
Learn more about what is workers comp