If you sustained or developed an injury while performing your work duties and are now in the process of pursuing workers’ 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 compensation.
- Know what your claim is worth: 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 injuries could get worse: On the flip side, if your condition gets worse or you might develop a permanent disability, 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 complimentary consultation with a knowledgeable member of our legal team.