Workers compensation is a form of insurance required from employers that provides money as compensation for workers who are injured at work or contract an occupational disease. When workBenefits are paid in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.
A structured settlement enables workers compensation payments to be tailored to better suit the needs of the injured worker. Conceptually, Workers Compensation payments are intended to be partial replacement of income covering present and future lost earnings resulting from a workplace injury, "on the job injury" or illness. Medical and indemnity payments are determined by workers compensation statutes and may not always fit the employee’s needs.
Payments for workers compensation are
excluded from gross Income pursuant to Internal Revenue Code §104(a)(1). Like damages for personal physical injury, workers compensation future payment obligations can assigned by the employer or employer's workers comp insurer by way of a qualified assignment, subject to IRC §130. Not only is the amount used to fund the structured settlement income tax free, but the total payout is as well because each of the payments is consideration for the settlement.
The cost of a Workers Comp MSA can be discounted through the use of a
Structured MSA
or annuity funded MSA. See
Medicare Set Aside FAQ (4structures.com)
Last updated July 5, 2023
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