Types of Iowa Work Comp Settlements

  • After a serious work injury, the costs of your treatment may be high. Worse, you're unable to work and make the money you need to pay for it. So, you'll need to fight for your workers compensation benefits to recover.

    However, not every settlement for benefits is best for all injured workers. There are a few types of Iowa work comp settlements, so speak with your Iowa workers compensation lawyer about what type of settlement you can expect for your workers compensation claim.

     

    Lump-Sum Settlement

    Typically, your compensation should arrive in payments, often monthly, like your income normally would have. In some cases, however, you may choose to receive your entire settlement in one lump sum. While these are less common, you might choose to have your future benefits at once.

    These typically are only delivered when the employee has a need for them, and it must be approved by the Iowa Workers’ Compensation Commissioner. These might be a full commutation of benefits, where you waive all future rights to benefits, or a partial commutation. This second type only gives you a portion of your benefits, but you'll still be able to receive compensation in the future.

     

    Agreement Settlement

    In some cases, however, you might not have a need for your lump sum payment, and you and your workers comp insurance provider are able to come to an agreement. These agreement settlements are decided by yourself, the insurer, and your lawyer if you chose to contact one.

    These settlements are simpler than some of the other options. You and the insurer will determine your claim's worth before getting the approval of the Workers’ Compensation Commissioner. This option also gives you the benefits you need without losing your rights to further compensation if needed.

     

    Compromise Settlement

    What if you're unable to come to an agreement with your employer and insurance company? In some cases, you may need to appeal a denial before the Iowa Workers’ Compensation Commissioner in a hearing about your claim. You'll need a lawyer to defend your claim during the dispute.

    Keep in mind as well that this option ends both your rights to future workers comp benefits for the injury as well as the other parties' rights. Once your claim has been decided, your compensation claim is over.

    Get the Right Settlement for You

    In many cases, the situation around your injury makes many of the decisions for your claim. You'll need to know what to expect from your workers comp claim, what rights you'll retain, and whether you're in need of a lump-sum payment.

    That's why you need a lawyer from Pothitakis Law Firm, PC when you're dealing with a workers comp settlement. Our attorneys can help you determine what type of workers comp settlement to expect, and we'll fight for your benefits if there's a dispute.

    When you're struggling with the different types of workers comp settlements, reach out for a free case review and the help you need. For more information about our services, seek us out by calling 1-866-PLF-IOWA (753-4692) or by visiting us at our website.