What Are Section 32 Lump Sum Settlements?
Workers Compensation NY Settlements
Under New York workers’ compensation law, you may enter into a Section 32 lump sum agreement with the insurance company representing your employer rather than receive weekly payments as an injured worker. Self-insured employers and third parties can also enter this type of arrangement with workers injured on the job.
If you are considering accepting a Section 32 agreement, it’s in your best interest to obtain legal advice from the lawyers at Terry Katz & Associates who have many years of experience with NY workers’ compensation settlements. As part of our attorney-client relationship, we will help you to understand all your legal options. This includes Section 32 lump sum payments. If you do choose that option, keep in mind that the workers’ compensation board in New York State must approve it first.
Lump-Sum N.Y. Workers Settlements
Formally known as a Lump Sum Settlement Agreement, you must negotiate this arrangement so it benefits both parties. Even when you have substantial proof of a work-related injury and desire to receive a single payment rather than weekly payments, no one can guarantee this will happen. Be wary of any attorney advertising he or she can guarantee a lump sum payout. You may be unable to negotiate to your satisfaction with the insurance representative or the New York Workers’ Compensation Board could deny the agreement after all the hard work both parties put into it.
Hiring an attorney from Terry Katz & Associates experienced with workers’ compensation settlements is the best way to increase the likelihood of receiving a successful Section 32 offer. One reason for this is that a Section 32 settlement differs significantly from a Loss of Use SLU in that it typically closes your case, even if you have a permanent disability. With a schedule loss claim, you receive a weekly payment for a maximum number of weeks accordingly to your percentage of loss. Although it is a temporary benefit, you may be able to argue for an extension of benefits or a greater percentage of loss in the future.
At Terry Katz & Associates, we understand that accepting a lump sum settlement has both positive and potentially negative consequences to consider. Because of our many years of experience with this legal issue, we can assist you with choosing an option in your best interest as quickly and efficiently as possible.
Benefits Of Accepting A Settlement
One of the major benefits of accepting a settlement is that your payout is tax-free and you never have to deal with anything involving workers’ compensation settlement again. You also have no restrictions on how you can use the money. While you may spend most of it on medical expenses, you can also spend it to take a vacation, pay for a child’s college education, or any other way that you see fit.
You need to carefully consider that you have no right to future claims even if you require surgery or need more medical treatment or a higher level of medical benefits than you initially expected. This type of claim is also entirely different from a social security disability claim. The attorneys at Terry Katz & Associates will use our significant experience with workers’ compensation settlements to advise you accordingly on whether you should attempt to negotiate for a lump sum payout or stick with the traditional method of weekly workers’ compensation payments.
How Much Might You Receive from Workers’ Compensation in New York?
Currently, New York law does not require employers to pay for the first seven days of the injury. The exception to this is if your injury lasts longer than 14 days. In that case, you may be able to receive benefits from day one. The state’s workers’ compensation system follows a formula depending on how much you earn each week and your percentage of disability. If you choose to bypass Section 32 and accept weekly payments, you would receive two-thirds of your weekly pay for the duration of your disability. As of July 1, 2019, the maximum weekly benefit increases from $904.74 to $934.11.
When you choose to proceed with Section 32, our workers’ compensation attorneys will fight for your right to maximum compensation. Some clients have received settlements in the hundreds of thousands of dollars for serious or career-ending injuries. While we cannot guarantee any specific amount, our goal is to obtain a settlement for you larger than what you would receive in total from the workers’ compensation weekly payment system.
Workers’ Compensation NY Settlements – Free Consultation
Negotiating a Section 32 monetary award can be legally complex and frustrating. However, it’s something we do all the time at Terry Katz & Associates. We are accustomed to dealing with employer insurance companies that don’t want to be held financially accountable for an employee’s injuries. Unfortunately, this can be a significant source of contention in workers’ compensation settlement. Hiring our law firm as early in the process as possible can reduce your stress as well as improve your outcome.
Working with Terry Katz & Associates means you always have someone on your side. If we cannot negotiate a favorable settlement on your behalf, we are prepared to represent you in court. We invite you to contact us to request a free evaluation regarding your workers’ compensation payment options at 888-488-7459.