Cash Settlement Of Your New York Workers' Compensation Claim
Workers who have suffered a serious or career-ending injury may elect a lump sum settlement of their workers' compensation claims. Such a settlement is also known as a Section 32 settlement agreement.
However, Section 32 settlements must be negotiated with the workers' compensation insurance company, and there is no guarantee even if the client desires such an agreement. A lump sum settlement must be perceived as mutually beneficial to both the claimant and the insurance company.
This means that it is more important than ever to have your own experienced workers' compensation lawyer negotiate on your behalf to be sure that an insurance company is giving you full value on your settlement. A Section 32 buyout settlement is different than a Schedule Loss of Use (SLU) award in that it generally closes a workers' compensation case forever.
One of the benefits of taking a Section 32 settlement is that it frees you from fighting with the insurance company over medical treatment or continuation of wage benefits. You can receive one large tax-free "lump sum" of money to use as you wish, without ever having any future contact with the workers' compensation system. You may choose to buy a boat or take the vacation you have always dreamed of. Or you may simply need to pay off bills that have accumulated since your injury. Either way, it is one way to put this case behind you and move on to the next chapter in your life.
On the other hand, by taking a cash "buyout" option, you are often signing away your future rights to both weekly payments and medical benefits. Sometimes you can take a lump-sum Section 32 settlement just for the weekly cash benefit portion of your claim, while still leaving your claim open indefinitely for medical care. Generally, you cannot reopen the claim after a Section 32 settlement. You must consider all that you may be giving up before you take a Section 32 lump sum benefit.
The workers' comp attorneys of Turley Redmond Rosasco & Rosasco, L.L.P., have extensive experience with Section 32 lump sum settlements for serious injury or permanent disability. We can help you determine if you are a good candidate for a Section 32 settlement. If you are, we can negotiate with the workers' compensation insurance company to get you the maximum settlement possible. The insurance company and employer will have their own lawyers whose job is to minimize your settlement. Over the years, we have negotiated many six-figure settlement agreements, including one for over $650,000. (See Success Stories.)
You will eventually have a hearing at the New York State Workers' Compensation Board to approve your Section 32 settlement agreement. We will represent you at that hearing to make sure there are no issues that might cause a judge to disapprove your hard-fought settlement.
Trusted Attorneys For Negotiating Workers' Compensation Settlements
Turley Redmond Rosasco & Rosasco has negotiated many thousands of favorable workers' compensation settlements for a wide range of job accident injuries, ranging from herniated disks to shoulder tears to knee injuries requiring surgery. Our lawyers will address all issues, including Medicare set-asides and Social Security Disability offsets, so that you are fully protected.
We take cases throughout Queens and Long Island, with six convenient offices. For a free consultation, call us toll free at 800-671-4927 or contact us online.
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