Settling your claim for workers' compensation provides payments for lost wages and lifetime medical care for an injury or illness. You and the insurance company can agree to permanently close your claim in exchange for one lump sum payment or an annual payment. This is known as settling the claim with a Section 32 waiver. It's called a waiver because you are waiving your right to future compensation in exchange for this payment today. A workers' compensation claim can pay for both lost wages and medical care. Let's review how a Section 32 waiver affects both of these. You can choose to settle one and keep the other open so that you continue receiving benefits the same way as today. Alternatively, you can choose to close both, and that decision is up to you and the insurance company. Now, let's talk about lost wages. You have the option to take one lump sum payment for your future lost wages or receive an annual payment. The amount of this payment is subject to negotiation and is determined by you, your lawyer, and the insurance company. Importantly, it is tax-free. However, it's important to remember that this will be the last workers' compensation payment you'll receive for lost wages due to your injury. Next, let's discuss medical care. If you choose to end your medical care coverage through a Section 32 waiver, the insurance company will no longer pay for your medical care. Instead, you will receive a one-time lump sum payment. It's essential to consider setting aside money from this lump sum payment in a special account to cover future medical treatment for your workers' compensation injury, known as a Medicare set-aside. Choosing to end your medical care coverage through a Section 32 waiver may also affect your eligibility for Medicare benefits in the future....
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State fund workers comp application Form: What You Should Know
The Employment and Labor Development Department of the Texas Department of Workforce Services offers free training and resources to workers that have questions about receiving federal unemployment benefits. Employment and Labor Development is committed to helping job seekers and employers succeed in the workplace.
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