Navigating the world of worker’s compensation can be overwhelming, especially when you're injured and just want to get back on your feet. One common question is: When will the worker's compensation insurance company offer me a settlement?
The answer is, it depends on the details of your case. On average, the time from filing your claim to getting paid in a final settlement award is around 12 to 18 months. But let’s dig deeper to understand the nuances.
One thing you might not know is that you can propose a settlement at any time. With the help of your lawyer, you can draft a demand letter outlining the settlement amount you’re seeking. If you send this demand letter early in your case, the insurance company might just take you up on it.
However, rushing to settle isn't always the best idea. Submitting a demand early on can mean undervaluing your claim because you might not fully understand all the factors that determine your case’s worth, such as:
Making a settlement demand before grasping these factors can result in a lower payout. Insurance companies love this because it means they pay you less. A more strategic approach is to wait until you’re close to reaching Maximum Medical Improvement (MMI).
MMI is when your condition has stabilized, and further medical treatment is not expected to significantly improve it. Before reaching MMI, you don’t know the full extent of your injury or the care you'll need. You'll also want to know your disability rating or future loss and wage-earning capacity to make an accurate demand.
Settling before MMI might leave money on the table, but there are exceptions. If you're under financial pressure or simply want to exit the worker's compensation system, you might opt to settle earlier. Just be aware that the amount you agree to could be less than what you're entitled to.
The timing of a settlement offer from the insurance company can vary widely. It could be weeks, months, or even years into your claim. Some insurance companies make early offers to get you to accept a low settlement before you fully understand your case’s value or hire a lawyer. Others might wait, hoping to avoid paying for expensive medical treatments or to see if you get anxious and accept a smaller amount.
Insurance companies aim to maximize their bottom line by paying out as little as possible. They prefer settling cases before reaching MMI, when you might not realize the full value of your claim. Moreover, they often want to avoid the costs associated with going to court.
Several factors could prompt an insurance company to send you a settlement offer sooner rather than later, such as:
Conversely, they might delay an offer if:
Regardless of when you receive an offer, be ready to negotiate. Initial offers are rarely acceptable, and negotiating can significantly increase your settlement amount. This is where having a lawyer can be incredibly beneficial.
An experienced worker’s compensation lawyer can expertly negotiate on your behalf, ensuring you receive the settlement you deserve. Insurance companies know that unrepresented individuals are more likely to accept lowball offers. A lawyer can help you navigate the complexities of your claim and fight for the best possible outcome.
If you or a loved one have been injured on the job in New York State, consider setting up a free consultation with an experienced lawyer. It costs you nothing and could potentially increase your benefits significantly.
Whether you decide to negotiate on your own or seek the help of a lawyer, it’s crucial to be informed. Watch my video on negotiating a big worker’s compensation settlement for five essential tips to ensure the insurance company doesn’t take advantage of you. Don't miss out on these valuable insights!
For personalized assistance, give me a call at 212-406-8989 to schedule a free consultation. Our conversation is confidential and could make a significant difference in your settlement outcome.
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