A lot of workers’ compensation cases are achieving settlements nowadays. However, this is a very serious topic that is concerning for a lot of people. If you are unsure about it, make sure to consult workers’ comp lawyer Virginia Beach for professional guidance. They help in giving expert advice so that you can pick the best option for yourself.
Ways of settlement
It is necessary to be aware of the two kinds of case settlement. A case of workers’ compensation can be settled through compromise and release or with the help of stipulation with a request for award.
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Stips
The stipulation helps pay temporary or permanent disability in monthly payments instead of a one-time lump sum payment. However, the payment for medical costs will be continued as long as the affected individual is a life. The treatment goals will be reviewed by utilization review, and the doctors will provide the payments. It is the best option suitable for people who require further medical assistance after experiencing a workplace injury. It is the easiest option to seek compensation for your losses without giving away your rights. However, the amount of money gained through this settlement may be less than compromise and release.
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Compromise and release(C&R)
This kind of settlement involves a lump sum amount of money provided to victims of workplace injury for covering permanent disability, loss of wages, potential medical cost, and other expenses.
Advantage
Compromise and release may be more advantageous as compared to stips, as you may be deprived of your rights for money. If the employer’s insurance company disputes your case, a compromise and release settlement helps ensure that you get a specified amount for compensation instead of getting nothing in return. You will get compensation in a lump sum amount of money.
Disadvantages
Compromise and release act as a revocation of all types of liabilities held by the employer. If you settle your case through C&R, you will not have any rights to seek more conversation regarding her future medical costs. You will not be allowed to seek additional benefits if your medical situation worsens. Also, if you die as a result of the injury, no death benefits would be provided to your dependents. After the approval of C&R settlement, the case is finalized and it is not subject to further changes.
