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The Pros and Cons of Lump Sum Settlement
For some victims of a work-related injury, taking a cash settlement makes solid sense. For other injured workers, signing away future benefits and rights could be a disastrous move.
Ever since Pennsylvania workers' compensation law was amended to allow lump sum settlements, it has been one of the first things that our clients ask about. The attorneys of Martin LLC are happy to sit down with you to explain the good and the bad of settling your claim so that you can make an informed decision that is right for you and your family.
Arrange a free consultation at one of our offices in the Philadelphia metro area and surrounding counties of southeast Pennsylvania.
CAUTION! Please do not enter a settlement (or sign anything from your employer or insurer) without contacting an attorney first. Once your rights are surrendered by your signature, it may be difficult or impossible to undo.
The law allows you to take a lump sum workers' compensation settlement of your wage loss benefits, your medicals, or both. In exchange, you will waive the rights to additional claims and future benefits arising from that workplace injury.
Advantages of Lump Sum Settlement
- Settling your claim puts the money in your pocket now instead of weekly benefits over several years.
- You are free to go back to work and earn as much as you want.
- You do not have to worry about defense medical exams.
- The insurance company won't send private eyes to catch you being "not disabled."
- The money is there for your family if you die. (Otherwise, benefits stop with your death.)
Why Settlement May Not Be in Your Best Interests
- The insurance company's best offer may not be adequate.
- If your future medical expenses will be very large and you do not have other insurance to cover it, you will be on the hook.
- Your employer is off the hook for unforeseen complications of your injury.
Let's Look at Your Case Together
Our attorneys bring 30 years of focused experience to your workers' comp settlement. We consider dozens of factors before advising clients to settle: Do you plan to work? What type of injury? How much is the offer? Is the employer moving to cut off benefits? How solid is your disability claim? Who is the insurer? And what do you want?
Call us at 888-229-6467 or 215-268-7646 to schedule your consultation with a lawyer who understands workers' compensation settlements.