Workers' compensation is a system of insurance that provides benefits to employees who are injured or become ill due to their job. Benefits can include medical expenses, income replacement, and death benefits, among others. If your claim is approved after navigating the workers' compensation process, you can begin receiving your benefits.
How are Payments Determined?
The amount of workers' compensation payments is determined by a number of factors, including:
- Severity of the injury.
- Amount of time the employee is unable to work.
- Cost of medical care.
In most cases, workers' compensation payments are calculated based on the employee's average weekly wage.
However, if the employee cannot return to work due to the injuries sustained, they may be eligible for permanent disability benefits. These benefits are typically calculated as a percentage of the employee's pre-injury earnings.
In some cases, employees may also be eligible for vocational rehabilitation services to help them transition to a new job.
Structured Settlement vs. Lump-Sum Payments
There are two basic types of workers' compensation settlements: structured and lump-sum. Each has its own advantages and disadvantages, and the best option will depend on your individual circumstances.
Structured Settlement - A structured settlement is an agreement to receive periodic payments over time. This can be a good option if you want to ensure a steady income stream or if you need to cover long-term costs like medical expenses. However, structured settlements can be more complex and may take longer to finalize than lump-sum settlements.
Lump-Sum - A lump-sum settlement is a one-time payment that is made in full once the case is settled. This can be a good option if you need the money right away or if you want to avoid the hassle of ongoing payments. However, lump-sum settlements typically result in a lower overall payout than structured settlements.
Determining which type of settlement you would like to receive can be challenging. Ultimately, it is essential to consult with an attorney to discuss your options and ensure that you make the best decision for your unique circumstances.
Seeking a Workers' Compensation Attorney in Hollywood, FL
If you have been involved in a workplace accident, the workers' compensation attorneys at Rosenberg & Rosenberg, P.A. can help you navigate the workers' compensation system and get the benefits you deserve. We will work with you to gather all of the necessary documentation, including medical records and witness statements, and will fight to get you the maximum possible compensation.
If you have sustained an injury in a workplace accident, call us today at (888) 499-6206 to schedule a free initial consultation.