Can I Sign New York Banking Claim

Nys workers compemsafion form rb 89

settling your claim workers compensation provides payments as needed for lost wages and lifetime medical care for an injury or illness but 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 a waiver because you are waiving your right to future compensation in exchange for this payment today because a workers compensation claim can pay both lost wages and medical care we'll review how a section 32 waiver affects both of these you can settle one and keep the other open so you get benefits the same way you do today or you can close both that's up to you and the insurance company what parts of a claim can be permanently closed first let's talk about the lost wages you can take one lump sum payment for your future lost wages or receive an annual payment the amount is whatever you your lawyer and the insurance company agree upon it is subject to negotiation and like all workers compensation it's tax-free but remember it's the last worker's compensation payment you'll receive for lost wages due to your injury now the medical care if you choose to end your medical care coverage through a section 32 waiver the insurance company will never pay for your medical care again you will receive a one-time lump sum payment you may need to set money aside from the lump sum payment in a special account to pay for future medical treatment for your workers compensation injury Medicare set-asides choosing to end your medical care coverage through a section 32 waiver may affect your right to Medicare benefits in the future when settling a workers compensation claim the parties must take into account Medicare's interests this is most often done by setting up a Medicare set-aside account out of the proceeds of the section 32 waiver settlement which will be used to pay for future medical treatment for your workers compensation injury failing to take into account Medicare's interest when you settle your claim can result in Medicare refusing to pay for treatment for your workers compensation injury check with Medicare to learn your rights and responsibilities because Medicare is a federal program the Workers Compensation Board has no jurisdiction over it what happens if I spend all the settlement money for my medical care after you spend your settlement payment designated to cover your medical care such as out of an MSA you can pay for care either through Medicare or out of pocket to be eligible for Medicare you must either meet the age requirements or be receiving Social Security disability insurance check with Medicare to learn your rights because it's a federal program the Workers Compensation Board has no jurisdiction over it if Medicare is not an option you must pay for future care out-of-pocket health insurance does not cover the cost of work-related conditions so health insurance will not cover the cost of your care even if bought through a state or federal program you should keep in mind that you and the insurance company can agree to keep the medical portion of your claim open the insurance company will pay for your care as it does now what's the process first either your lawyer will approach the insurance company or the insurance company will contact your lawyer to settle the claim if you don't have a lawyer you'll negotiate with the insurance company and its lawyer the insurance company will most likely draw up the agreement when you your lawyer and/or the insurance company agree on the terms of the settlement the workers compensation board will review your agreement a section 32 waiver agreement is not final and binding on you and the insurance company until it's approved by the board you have ten days from the date of submission to withdraw from the agreement and that date depends on whether or not you have a section 32 hearing if you have a hearing the date of submission is your hearing date if the law judge approves the agreement at the hearing and none of the parties withdraw in writing within the 10 day period the board will mail you the final section 32 decision this is called a notice of approval section 32 waiver agreement and is sent only after the withdrawal period ends once the final decision is issued after the initial 10-day period the carrier is then required to pay you within the following ten days if a hearing is not necessary and the board approved the agreement you will be sent a proposed but not yet final decision called a proposed notice of approval section 32 waiver agreement this decision will include the submission date you have 10 days from the submission date to withdraw in writing the decision will also tell you the specific date that the agreement will become final if no parties withdraw within the 10-day period the carrier is required to pay you within 10 days of the final agreement date the board is required to check for child support liens by law any money you receive in a settlement is put towards the child support lien you will then receive the balance if you used a lawyer his or her fee as approved by the board will be deducted from the money due to you so let's review agreeing to a section 32 waiver is a serious decision if you decide to settle your wages you are ending your claim or part of it in exchange for a payment you are also permanently waiving your right to any future benefits or payments if you decide to settle your medical benefits you must carefully plan for your medical care and how you will manage the money you receive now to supplement future lost wages only you can decide if a section 32 waiver agreement is right for you if you have questions before signing speak to your lawyer if you have one to contact the Workers Compensation Board with questions about the process call eight seven seven six three two four nine nine six