Settling a claim is a significant life event. After settlement, many of the resources available to provide guidance and support disappear. If represented, your lawyer will likely close your file. You will no longer have an adjuster, medical case manager, or vocational counselor working with you. You will lose the support of your state Workers’ Compensation agency—it no longer has jurisdiction over your case. The good news is there are resources available to help. Two are of importance. When you settle a claim all your future benefits are reduced to a single number and that sum is paid to you. Your settlement can be paid in a lump sum, a structured annuity, or a combination of the two. A structured settlement broker can help you manage your settlement proceeds for the long term. Unless you are experienced in managing large sums of money, having someone with that skill work with you, affords the opportunity to make your settlement funds last longer and be secure in the process.
The second resource is a reputable professional administrator, like Ametros, that helps you manage the funds intended for future medical treatment. If there is a Medicare Set-Aside Account, a professional administrator can guide you through the complicated world of medical and pharmaceutical billing, bill paying, rate negotiating, and resource management. Many injured workers have never seen a medical bill associated with their claim. They have never reviewed a bill for accuracy and have never paid a medical bill associated with their case. Once a case settles, all those tasks and more become their responsibility. Having a professional administrator manage your settlement funds is highly recommended by The Centers for Medicare & Medicaid (CMS) because they understand how complex this process can be. There may be others who can provide guidance, direction, and support. If represented by counsel during the settlement process, a frank discussion about your post settlement hopes, dreams, and concerns should result in fruitful recommendations on how to plan for a productive and meaningful future.