If your workers’ comp claim is accepted by the Ohio Bureau of Workers Compensation (BWC), you may be entitled to some, if not all of the benefits Ohio law provides. In some cases, injured workers can receive weekly payments while they are off of work recovering from an injury. In more severe cases, injured workers may not be able to return to work in any capacity ever again. These workers are also entitled to weekly benefits. If you settle your workers compensation claim, you have the option of doing so through a lump sum award. Some people would prefer to receive a single lump sum payment, for whatever reason — it could be that they just do not want to deal with the Ohio BWC any more.
Workers Comp Settlement
There are good reasons to pursue a settlement, but you should be aware that in doing so, you do give up some of your rights.
If you settle, you are giving up any right to further benefits through the BWC for the injuries which are part of the claim that is settled, in exchange for an agreed-upon (“settled”) amount of money. Generally, once this happens, in signing the agreement, you forfeit all rights and all other benefits relating to this injury.
You are not, however, giving up “any and all” claims to workers’ comp benefits. You are only referring to the specific injury — and the specific dates when you were employed — that your accepted claim covers.
You may be offered a structured settlement. This means that the BWC will pay out your settlement over time in installments, rather than all at once.
Workers Compensation In Ohio
Unlike most states, Ohio has a monopolistic BWC. The BWC insures most employers in the state. Only a small number of Ohio-based employers pay out their own workers’ comp claims and are self-insured.
In most cases, workers will not pursue a settlement until they have reached MMI (maximum medical improvement). This is when the medical professionals working on your case think that your condition will not improve any more with treatment, and is stabilized.
If you would like to discuss filing Ohio’s Form C-240 and trying to reach a settlement, we encourage you to talk with us.