Lump Sum Settlement Facts and FAQ
What Is A Lump Sum Settlement?
Essentially, a lump sum settlement is an agreement between you and your insurer, as well as your employer in some cases. You agree to receive all of your benefits at once, rather than spread out over time in the form of weekly compensation checks. A lump sum settlement means that your case will not go to court.
When you accept this type of settlement, you also give up certain rights, which is why it is absolutely essential to carefully consider your options and to consult your worker’s compensation lawyer before agreeing to a settlement. If you are in need of legal representation for your worker’s compensation, personal injury, or related claim, contact us today at xxx-xxx-xxx or click here to receive a no obligation, free consultation.
Will I Lose My Medical Benefits Coverage From My Insurer If I Agree To A Lump Sum Settlement?
Not necessarily. If your insurer accepts legal liability for your injury, your medical benefits will continue even after you agree to a lump sum settlement. In other words, your insurer will continue paying for reasonable and necessary medical treatment. Your insurer will still have the right to deny any medical treatment it deems unreasonable or unnecessary, however. Make sure that you understand exactly what your medical benefits will be before agreeing to a settlement.
How Will My Benefits Be Determined?
Your average weekly wage, including overtime and tips prior to and dating back to 52 days from, the date of your injury will be used to calculate your benefits. If you do not have 52 days of job history prior to your injury, the wages of a worker in a position similar to yours will be used as a baseline.
What Should My Next Steps Be?
Negotiating the worker’s compensation laws in your state, filing a worker’s compensation claim, and agreeing to a settlement are all processes that involve complicated legal issues. Make sure that your legal rights and interests are protected by calling us today to learn more.
