White Plains Workers’ Compensation Settlements
Did you recently get hurt at work? You may know that you could be entitled to receive workers’ compensation benefits. Generally speaking, workers’ compensation benefits are available to workers who suffer an illness or injury that requires medical attention or prevents the worker from returning to his or her job—at least in the same capacity as before the injury. The New York Workers’ Compensation Board outlines the types of benefits that an injured worker can be eligible to receive, including cash benefits to compensate for lost wages and medical benefits to compensate for current and future medical bills.
Similar to other types of insurance compensation, injured workers may be able to obtain a workers’ compensation settlement. To be sure, many workers’ compensation claims in New York result in a settlement. In most situations, a settlement can benefit the injured worker in a variety of ways. We will tell you more about what you may be able to expect with a White Plains workers’ compensation settlement.
Benefits of a New York Workers’ Compensation Settlement
Why is it helpful to settle a workers’ compensation case? With the help of an experienced New York workers’ compensation lawyer, you may be able to negotiate a lump sum settlement agreement that can help you to pay off mounting medical bills (and other bills as a result of lost wages) at one time.
Even if you do not negotiate a lump sum settlement agreement, you can still settle your workers’ compensation claim and know that you will receive a certain amount of money and health care benefits for the amount of time outline in the settlement agreement. Typically, workers’ compensation benefits are calculated with the following formula:
- Take 2/3 of your average weekly wage;
- Multiply that amount by the percentage of your disability; and
- Get your benefit amount.
For example, if you earned $500 per week and are 100 percent disabled, then you would receive $333.34 each week. If you earned $500 per week but are only 50 percent disabled, then you would receive $166.67 per week. For accidents and injuries that take place between July 1, 2018 and June 30, 2019, there is a weekly maximum payout of $904.74. If you work with a dedicated New York workers’ compensation attorney who can show that your disability not only has prevented you from working but will continue to prevent you from earning a wage, you may be able to settle for a lump sum benefit that includes many weeks of compensation. Your settlement agreement can also include medical benefits.
Types of Workers’ Compensation Settlements in New York
There are two different kinds of workers’ compensation settlement agreements in New York:
Stipulation agreement: In this type of settlement agreement, also known as a Stipulation of Settlement, the parties agree to the amount that the worker is owed, and they enter into an agreement called a stipulation of settlement. These benefits are not necessarily paid out in a lump sum, but over a period of time.
Section 32 settlements: In this type of settlement agreement, also known as a Section 32 Waiver Agreement, the parties agree to close the matter of the workers’ compensation claim in exchange for a benefit. The parties negotiate a settlement amount, and it is often paid in a lump sum.
Stipulation agreements are more flexible in that they often can be modified, but Section 32 settlements tend to be final once the parties agree.
Contact a New York Workers’ Compensation Lawyer
If you need help with a workers’ compensation settlement, a New York workers’ compensation lawyer can assist you. Contact the Law Office of Michael Lawrence Varon to learn more about our services.