Often times, the insurance company and the employer will offer to redeem your worker’s compensation benefits. When you redeem your benefits, you are paid a lump sum rather than payments every month. This closes your case. If you decide to redeem your benefits, the redemption (or settlement) must be approved by a magistrate at a redemption hearing. The magistrate will be given a brief explanation as to why the case is being redeemed or settled. The magistrate will also review your rights and want to make sure that you understand what benefits are being given up as part of the settlement.
If you have questions about redeeming your benefits or a redemption of your worker’s compensation, please call us, we can help you with the decision and process.
KRUPP LAW OFFICES PC
Grand Rapids Worker’s Compensation Attorneys
161 Ottawa NW Suite 404
Grand Rapids MI 49503
616-459-6636 or firstname.lastname@example.org
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