Dealing with a workers’ compensation claim can be as daunting as it is tedious, especially during the anxious wait for your settlement check to arrive. Many injured workers share this concern, wondering when to expect to receive their due payment. It’s not just about waiting; it’s about planning your life and finances around this crucial support.
In this blog, we’ll explore how long you can expect to wait for your payment in Colorado and uncover the factors that might stretch or shrink this waiting period. If you were hurt at work, call our Denver workers’ compensation lawyers at (303) 780-7329.
Understanding the settlement process
Before we explore the specific timeline, it’s important to understand what a workers’ comp settlement entails. A workers’ compensation case settlement is an agreement between you and the insurance company about the compensation for your injury. This agreement effectively ends the workers’ comp claim, providing the injured worker with a lump sum or structured payments in exchange for closing the case.
Typical payment timeline in Colorado
Colorado’s rules governing the payment after a workers’ comp settlement are quite specific. According to the Colorado Workers’ Compensation Act, once a settlement is reached, the insurance company is legally obligated to pay the agreed amount within a specified period.
Here’s the typical timeline:
- Finalizing the settlement: After you and the insurer agree on a settlement amount, the terms must be documented in a settlement agreement, which both parties sign.
- Approval by a judge: The settlement agreement is then submitted to a workers’ compensation judge. This step is crucial as it ensures the settlement is fair and complies with Colorado workers’ compensation laws.
- Payment issuance: Once approved, the Colorado Workers’ Compensation Rules mandate that the insurance company issue payment within 20 days of the Judge’s Order approving the settlement. Failure to comply with this timeframe can result in penalties against the insurer, including interest on the amount due.
Factors affecting the payment timeline
Several factors can affect how quickly you receive your payment after the settlement is finalized:
- Delays in approval: Sometimes, there may be delays in the judicial approval process, especially if the judge requests additional documentation or clarification on the settlement terms.
- Insurance company procedures: Each insurer may have different internal procedures for processing settlement payments. While they are legally bound to meet the statutory deadline, operational delays can sometimes occur.
- Complexity of the settlement: More complex agreements, such as those involving structured settlements or specific legal stipulations, might take longer to process.
What you can do to expedite the process
While much of the payment timeline is out of your control, there are steps you can take to ensure there are no unnecessary delays:
- Complete documentation: Ensure all your paperwork, medical records, and other required documents are complete and submitted promptly.
- Stay in communication: Regularly contact your attorney to address any issues promptly.
- Hire an experienced attorney: Working with a knowledgeable workers’ compensation attorney can significantly smooth the process. An experienced attorney can foresee potential delays and work efficiently to minimize them.
Hurt at work? Don’t delay – call us
Understanding the timeline for receiving payment after a workers’ comp settlement in Colorado is vital for financial planning and peace of mind. Generally, you can expect to receive your payment within 20 days after the settlement approval, but be aware of potential delays that could extend this period.
At Kaplan Morrell, our team is committed to guiding you through each step of your workers’ compensation claim, from initial filing to the receipt of your settlement. If you’re navigating the settlement process, contact us today to ensure your rights are protected, and your compensation is received as swiftly as possible.
