Workers’ compensation is a form of insurance that provides benefits to employees who have been injured or become ill due to their job. In the state of Nevada, workers’ comp settlements play an important role in helping injured workers receive the compensation they deserve. Different types of settlements are available for workers in Nevada, and understanding the differences between them is crucial for employees seeking workers’ compensation benefits.
Workers’ Comp Settlements in a Lump Sum
A lump sum settlement is a one-time payment made to an injured worker by their employer or the employer’s insurance company. Workers’ comp settlements are usually offered when they have reached maximum medical improvement (MMI), meaning they have recovered as much as possible from their injury. The lump sum settlement amount will depend on various factors, such as the severity of the injury, lost wages, and future medical expenses.
Structured Payment Plan Settlements
Unlike a lump sum settlement, structured workers’ comp settlements are paid out over time in regular installments. This option may be more beneficial for workers who have sustained long-term or permanent injuries that require ongoing medical treatment. Structured settlements offer a steady stream of income to cover medical expenses and lost wages, providing stability for injured workers and their families.
Third-Party Settlements in Workers’ Comp
In some cases, an employee may be able to file a lawsuit against a third party whose actions contributed to their work-related injury. For example, if the worker was injured due to faulty equipment or the negligence of a subcontractor, they may be able to pursue a third-party settlement in addition to their workers’ compensation benefits. These settlements can provide additional compensation for damages such as pain and suffering, which are not typically covered by workers’ comp.
Settlement Agreements with Medicare Set-Asides
When an injured worker is eligible for Medicare benefits, workers’ comp settlements must take into account the potential impact on their future Medicare coverage. A Medicare Set-Aside (MSA) is a portion of the workers’ comp settlement that is set aside to cover future medical expenses related to the work injury or illness. This ensures that Medicare will not be responsible for covering these expenses, and also allows injured workers to receive their full workers’ comp benefits.
The Importance of Seeking Legal Representation in Workers’ Comp
Navigating the workers’ compensation system in Nevada can be complex and overwhelming, especially when it comes to negotiating a settlement. This is why it is crucial for injured workers to seek legal representation from an experienced workers’ comp lawyer. An attorney can help you understand your rights and options, negotiate on your behalf, and ensure that you receive the best possible settlement for your unique situation.
Call a Workers’ Compensation Lawyer for Help
If you have been injured on the job in Nevada, don’t hesitate to seek legal representation. Contact a skilled workers’ comp lawyer today to discuss your case and learn more about the different types of settlements available to you. Your health and well-being are important; you deserve fair compensation for your injuries. You have nothing to lose and everything to gain by seeking legal representation. Protect your rights and secure the compensation you deserve for your injuries with the help of a qualified workers’ comp attorney.
Jay Short: Workers’ Compensation Attorney in Nevada
Jay Short – Attorney at Law, can help you if you have been injured at work or while performing company business. Our mission is to protect workers by providing fair compensation for injured workers. The phone number (775) 786-2006 is available 24/7 for free consultations. If you would like to contact us online, please do so as well.