Workers Comp Settlement NYS?
I just had a workers comp hearing for a case that has been going on for over 10 yrs. Everyone finally agreed on a settlement amount and I was told to keep in touch with my lawyer. I heard something from someone about them putting some of the money aside for me for future medical expenses. Is this a choice I can make? Or is this something that will have to be done?? I am trying to get in touch with my lawyer to see what this might be all about, but figured I would see if anyone out here could help me out! Thank you!
So the “set asides” are how much of the settlement money?? I don’t get it..
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In the past, it wasn’t allowed to settle the medical benefits on a work comp claim. Lifetime medical benefits were required by most states. Now, more states are allowing the settlement of these “lifetime” medical benefits.Once the injured worker reaches retirement, Medicare/Medicaid are refusing to cover medical costs resulting from past work comp claims which have had the medical benefits settled. this is because the federal government doesn’t want to be responsible for paying for treatment that should have been covered under work comp. As a result, many states are requiring that all settlements include “set-asides” for future medical costs.