You’re probably wondering how long it will take until you get your settlement money. On worker’s compensation, there are two ways to settle your case. The first is called a compromise and release. The second is called a structured settlement
Compromise and Release
A compromise and release is a global settlement. It is basically shutting the door to your worker’s comp case. You get a big lump sum of money, go on your way, and the insurance company goes on their way. Oftentimes, you leave your employment and get a new job somewhere else. Your medical treatment stops, but you get a lump sum amount of money and you close the case down.
Once the judge approves a compromise and release, the insurance company has 30 days to issue a check to you that you’re owed. If they do not issue it within the 30 days, a penalty petition can be filed and they can pay up to 25% more off what they owe you. It’s very rare for that to happen. The insurance companies are very keen to make payments within 30 days because they don’t like to get hit with penalties arising from workers’ compensation Maitland FL.
You’ll get your money within 30 days after the judge approves it, not after you sign it. You may sign it, and then a week later, the judge approves it. Sometimes you sign it, and it can go weeks before the judge approves it, because there are other issues that haven’t been resolved. Some of the issue include if you got a disability and the insurance company is trying to negotiate that amount down. Once the judge signs it, then the money will come within 30 days.
The second way to settle your case is what’s called a structured settlement. Instead of setting up a global settlement where you close everything going your way, you and the insurance company will agree on what the permanent disability is. You’ll agree on what parts of the body are injured, and whether you’re entitled to future medical care on those parts.