If you sustained or developed an injury while performing your work duties
and are now in the process of pursuingworkers’ compensation benefits, you might be offered a lump sum settlement. Before you consider
such an offer, there are some things you should know, which can help you
determine if accepting it would be a wise choice. It would also be beneficial
to seek knowledgeable legal advice to ensure you make the decision that
best supports your future and your interests.
Below are some of the factors you should consider when deciding whether
a lump sum settlement is appropriate for your circumstances:
Consider if it makes sense: Oftentimes, insurers are eager to settle a claim in one lump sum because
it eliminates any unknown elements. They do not know how much and for
long they will have to pay you if you have a particularly serious or complex
injury for which the prognosis is unclear. By paying a lump sum, they
could potentially save themselves money in the long run. For a settlement
to make sense for you, you will need a realistic idea of your condition
and if it is likely you will ever be able to recover. If your case is
being disputed, a reasonable settlement might not be a bad idea since
it will provide some control over the result and ensure you receive some
Calculate the value of your claim: With the assistance of your workers’ compensation attorney, you
can calculate an estimated value of your claim, which can give you a better
idea if the lump sum offer is reasonable or not. Moreover, you should
also consider the likelihood of your current benefits continuing. Remember,
you are only entitled to continue to collect workers’ compensation
benefits as long as you are unable to work and will hire private investigators
to watch your every move to make sure you are disabled. If you feel like
you are nearly ready to get back to work, it might make more sense to
accept the settlement.
Your condition might get worse: On the flip side, if your condition gets worse or you become permanently
disabled, settling your claim while on temporary benefits could be a terrible
idea. Workers who become permanently disabled from a workplace injury
are entitled to benefits that do not expire, including a portion of your
average weekly wages, which is eligible for cost of living adjustments.
Know what settling means: When you settle a workers’ compensation claim, your weekly checks
will come to an end and be replaced by a single, lump sum. However, if
the insurance company was paying for your medical treatment, it will remain
unaffected by the settlement, so if you are concerned about your medical
treatment, rest assured it will not be impacted by your decision to settle.
Workers’ Compensation Attorney in Marietta and Cobb County
If you were injured at work and are being offered a lump sum settlement,
seek the skilled representation and legal advice of an experienced workers’
compensation attorney in Cobb County. At Chestnut & Beller, our team
is committed to protecting your rights as an injured worker and ensuring
you receive the benefits to which you are entitled. Backed by over 60
years of combined legal experience, you can be confident in our ability
to assist you.
Get started on your case today and give our office a call at
(770) 285-5542 to schedule your free initial consultation with a knowledgeable member
of our legal team.