What is a Section 32 Settlement?
A Section 32 Agreement is a Workers’ Compensation lump sum settlement that concludes a workers’ compensation case and releases the workers’ compensation insurance carrier from continuing to compensate an injured worker for medical expenses and lost wages. This lump sum settlement is considered to be full and final which means, once you settle your claim, all lost wage payments and medical expenses will be closed and cannot be reopened in the future.
Section 32 Settlements are optional agreement that are entered into between an injured worker and their employer’s insurance carrier or its third-party administrator. Prior to entering any agreement, it is of critical importance that you consult with an experienced New York Workers’ Compensation lawyer to discuss your claim and whether you should consider a Section 32 settlement.
What are the Trade-Offs of a Section 32 Settlement?
Section 32 Agreements are calculated based on the permanent restrictions of an injured worker. In order to qualify for a Section 32 settlement, an injured worker must reach ‘maximum medical improvement’. Maximum medical improvement is determined by a workers’ compensation physician. Once a doctor finds that an injured worker has reached maximum medical improvement, the injured worker must be examined by a workers’ compensation doctor who will determine the permanent impairments and/or restrictions of the injured worker. If restrictions and/or permanent impairments are found, the injured worker can opt into a Section 32 settlement agreement. If the injured worker no longer requires medical treatment and/or lost wages to be paid by the workers compensation insurance carrier, a Section 32 settlement may be an optimal option as it can provide maximum compensation to the injured worker.
How Do I Enter a Section 32 Settlement Agreement?
After considering your settlement options with a Workers’ Compensation lawyer, your attorney must come to an agreement with the workers’ compensation insurance carrier. Once an agreement is reached between the injured worker and the insurance carrier, the agreement must be approved by a New York Workers’ Compensation Law Judge. In order for the Section 32 agreement to be approved, the Law Judge must hold a hearing at the New York State Workers’ Compensation Board to review the terms of the agreement with the injured worker and decide whether the agreement is fair to all parties. Once the agreement is approved, the insurance carrier will have ten (10) business days from the date the approval has been filed to issue the injured worker their settlement check.
Need Guidance on your Section 32 Waiver Agreement? Call BECK LAW NOW!
Entering any agreement requires knowledge and expertise. Section 32 agreements have many benefits under the right circumstances. Not all workers compensation settlements must be concluded by a Section 32. The terms of the Section 32 are binding on all parties, therefore, hiring the right Workers’ Compensation lawyer is imperative to your guidance and recovery. The attorneys at Beck Law, P.C. are here to guide and maximize your recovery. Contact our Queens Workers’ Compensation lawyers today to discuss the merits of your claim.