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There are the following two ways to finalize a workers' compensation claim:
Findings and Award - A Findings and Award is where all issues are resolved either by agreement of the parties or through a decision of the Judge. Benefits
are technically paid on a weekly basis as set forth above. There may be a lump sum payment, if there is a claim for retroactive payments. There are two advantages of this resolution. The first is that the
injured worker has 5 years from the date of injury to reopen the claim in the event there is a worsening in the condition in order to obtain further permanent or temporary disability. The second advantage is that
the injured worker is entitled to all reasonable and necessary future medical treatment, although the insurance carrier frequently raises defenses to the award for future medical, care making it difficult to enforce. This
gives the injured worker some protection in the future, but there is not necessarily a lump sum payment and less money then under the alternative.
Compromise and Release - This is a lump sum payment, which terminates the injured workers' right to all future benefits, except vocational rehabilitation.
It is usually based on the amount that would be awarded under a findings and award, with an additional amount to terminate the injured workers' right to future benefits.
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