What Is A Section 32 Settlement?
A Section 32 settlement is a lump sum settlement to settle a New York workers compensation case. Once a claimant enters into a Section 32 settlement, they give up claims for future weekly wage benefits and medical care. A Section 32 settlement is calculated by the claimant’s weekly rate multiplied by a certain number of years. The amount of years usually correlate with the claimant’s degree of disability.
Under the Workers Compensation reforms of 2007, a claimant is no longer entitled to weekly benefits for life. As a result, insurance companies have offered Section 32 settlements to thousands of claimaints in the State of New York.
For those claimants who were injured after the 2007 reforms were passed, a Section 32 settlement can relieve the uncertainty that the workers compensation system can present. These settlements can also help pay the substantial debts that workers compensation claimants have accrued while recieving limited weekly benefit payments under the workers compensation system.