Although there is no guaranteed right to a settlement of a workers' compensation claim, often such claims do end up in what is referred to as a lump sum settlement. Such settlements occur when both the employee and the workers' compensation insurance company are able to agree on the amount of the settlement, with the added requirement that the employer consent to the amount of the settlement. All settlements must be approved by a judge at the Department of Industrial Accidents.
As we often tell our clients, when considering whether to settle a case, and for how much, it is important to compare apples to apples and not apples to oranges. What this means is that you need to compare the amount you may receive in weekly disability compensation in the future with the amount of the offered settlement. A workers' compensation settlement essentially consists of a lump sum payment which represents the value of the disability benefits the employee has not yet received but could potentially receive in the future. Lump sum settlements do not include any payment for pain and suffering, such as one might receive in a motor vehicle accident, as the workers' compensation statute does not provide for any such payment to an injured worker.
A settlement may or may not include the insurance company's responsibility for payment of future medical expenses or vocational retraining. Whether or not these benefits are included in a settlement depends upon several factors and is an important consideration of whether the offered settlement is in the best interest of the employee. One major benefit of a lump sum settlement is that, if structured properly, it usually results in higher monthly Social Security Disability benefits for individuals who had been collecting both workers' compensation and Social Security Disability benefits.
An attorney experienced in workers' compensation law can readily explain to you in greater detail what a settlement represents and what it does not. An experienced workers' compensation attorney can also assist you in making that all important decision of whether the time is right for a lump sum settlement and whether the amount of the offered settlement is fair and reasonable given all of the particulars of your specific case.
Attorney Ira Yellin at The Law Offices of Ira C. Yellin, LLC has the experience and dedication needed to properly handle your case. With offices conveniently located in Franklin, The Law Offices of Ira C. Yellin, LLC is readily available to assist you with your most urgent and pressing legal needs.
Contact a Lump Sum Settlement Attorney for a free consultation
For more information or to schedule a free initial consultation with an experienced lawyer, please contact The Law Offices of Ira C. Yellin, LLC today.
Make sure that you are fully compensated for your injuries. Call our Franklin office at 508-528-8885. You can also email to learn more about our legal services.