If you were injured at work and have a lasting impairment of any kind, you may be eligible for a workers comp settlement. This means that your workers’ compensation insurance would pay you a lump sum to compensate you for the long-lasting injuries and limitations you expect to have as a result of the accident.
Depending on your state, you may be able to negotiate a settlement in lieu of weekly payments meant to replace a portion of your income. You may also negotiate a structured settlement, where you will be paid a predetermined amount, but in payments that occur over time — a scenario that is somewhat in between traditional weekly workers’ compensation benefits and a one-time lump sum settlement.
There are pros and cons to accepting a workers comp settlement. If you accept a workers comp settlement, you could need more medical care in the future that you weren’t prepared for and that the settlement does not cover. Once you settle, you’re not able to go back and get more benefits, even if you do need additional medical care.
However, there are some benefits of receiving a lump sum workers comp settlement. A settlement may provide you with the funds you need right away for large medical expenses. In some cases, you may be awarded more than you actually need. This can help keep families dealing with significant expenses after the accident from going into debt.
If you have questions about how to file a workers’ compensation claim and whether or not a settlement would be beneficial in your particular case, reach out to our experienced workers’ comp lawyers. We will evaluate your case and help you determine if a lump sum settlement would be right for you. We will discuss the best legal strategy to help you meet your goals.