Some jobs are arguably more dangerous than others to work in. While some workers suffer relatively minor injuries from which they recover after a short period of time, others are far more catastrophic. These may give way to longer recovery times and even potentially a permanent disability.
New Jersey law requires most employers to secure workers’ compensation insurance to cover an employee’s health care costs and a portion of their lost wages if they suffer injuries or an illness on the job. Most workers are aware that they can tap into this insurance coverage for their accident-related expenses.
One detail few workers are aware of is how they may also be eligible to receive a settlement at the conclusion of their case.
For which workers’ compensation payouts might you qualify?
Workers’ comp insurers will expect you to see a doctor for an examination as soon as possible after you suffer an injury on the job. That physician will begin sending in claims to your employer’s workers’ compensation carrier. The workers’ comp insurer will review that documentation to determine whether you have a valid claim.
You should expect your employer’s workers’ compensation carrier to offer you a settlement if you have a valid claim. They may offer either a structured or lump-sum settlement to cover your current and future medical bills and other accident-related expenses.
How do lump-sum and structured payment settlements differ?
A structured payment plan allows a workers’ compensation carrier to pay you a set amount at regular intervals. Insurers may also offer a one-time lump-sum payout, provided you’ll sign a liability waiver agreeing not to take further legal action against them.
There are some cases in which workers’ compensation insurers will also set up a medical expense account. You may be able to pay work-related health care costs that you may incur in the future from this account.
Do you qualify for a workers’ comp settlement?
Many injured New Jersey workers often don’t realize that they qualify for a settlement in addition to medical payments. New Jersey law allows you two years following your injury to request such a payout. Are you still eligible for one?