As a worker, before deciding whether you want to settle workers compensation lifetime medical or keep it open, the first thing that needs to be done is for you to calculate potential costs that you would spend on medications in the future and you should also consider the possibility of getting treatment regarding your work injury post settlement. Welcome to our workers compensation future medical settlement article and we encourage you to continue reading this so you can learn more and make important decisions.
The essence of workers compensation law is to ensure that all of its employees which suffers one injury or the other while working are well protected. This is however true of all workers compensation regardless of the state. In order for this purpose to be met, the law mandates all insurance companies or employers to provide eligible injured workers with necessary and reasonable healthcare treatment as long as the cause of the injury is related to work. In Virginia, there is actual length of time regarding how long medical care coverage should last.
It is important for employers to make sure that their workers are provided with these lifetime medical benefits unless both parties have been able to reach a settlement which would eventually lead to the closure of the medical benefits. Deciding whether you want a buyout regarding your future medical expenses or you want an open medical benefit for a lifetime is one of the most important decision every worker would have to make. Cashing out on your future medical expense most times results in a large amount of money.
Workers Compensation Future Medical Settlement
The workers compensation law mandates all employers to make sure they pay a necessary and reasonable medical treatment for their worker as long as it is related to work accident and this must be done by an authorized health care provider or physician. Every worker also has the option of closing their medical benefits with their employer and go for a medical treatment which would not involve their employer or its workers compensation post settlement. This can be reached with a voluntary financial settlement which would involve the worker, the insurance company and the employer.
However, this might differ in some cases especially where the state denies you closing all of your medical benefits or if the workers compensation commission discovers that your disability is total or permanent. This however doesn’t happen in Virginia. One question that most workers tend to ask is if they can eventually cash out on workers compensation future medical treatment. Well, the answer to this question is NO. It is an employer or insurance company duty to force you to cash out on your workers compensation medical expenses.
At the same time, it is also impossible for you to force your insurance company or employer to buy out your workers compensation future medical expenses or plan.
Can I Reopen Workers Compensation Future Medical Settlement?
If you, your insurance company and employer reach an agreement for you to cashout on your workers compensation future medical care bills and you come back to ask for it to b reopened maybe because a more serious health issue comes up, it is very impossible for that to happen. Once you accept a cashout on your future medical expenses, you cannot go back to get medical treatment from your employer or from its insurance company. It would also interest you to know that the workers compensation commission approves this as well.
This is why we always suggest that before taking a step regarding insurance, ensure that you check with an attorney because only an experienced attorney would be able to take a good look at your case and also tell you if the step you are about to take is going to be beneficial to you or not. This article which we have presented to you is only going to serve as a starting point for you and also help you in considering the advantages and disadvantages of closing or leaving your future medical care expenses open.
One thing that we always want you to remember is that closing your future medical car expenses should be done ONLY when the offer makes a very good financial statement but if eventually doesn’t then my best advice is for you to turn down the offer. In this case, closing all of your medical benefits can be done later on, around another date.