FOR WORKERS COMPENSATION
SHOULD I TAKE A LUMP SUM OR PAYMENTS?
Is it better to accept a Lump Sum settlement or continue Weekly Payments?
The Act 57 amendments to the Pennsylvania workers’ compensation laws allow workers to settle workers’ compensation claims with insurance companies for their work injury, rather than continue to receive weekly or bi-weekly benefits. The insurance company always tries to settle for the smallest amount possible and that is why you need the assistance of an experienced workers’ compensation attorney to help you get the highest amount possible.
In exchange for giving up some or all of your rights which are protected by the Workers’ Compensation Act, you can take a lump sum cash settlement. You can settle your wage loss benefits, your medical benefits, or both. You can also obtain a lump sum payment of specific loss benefits, such as for an amputation injury, facial scarring, paralysis or vision or hearing loss.
YOU NEED SOLID ADVICE FOR THIS VERY IMPORTANT DECISION
Lump sum settlements must be approved by a workers’ compensation judge. But the judge is only concerned with whether the injured worker understands the terms of the settlement, and not whether a settlement is smart for you or if the amount of money is fair.
Because you are waiving rights to future benefits or claims, any decision to settle your case should be discussed with people close to you and an experienced workers’ compensation attorney.
Martin Law has helped many clients settle their work injury claims. Our knowledgeable attorneys have several decades of experience in workers’ compensation law. We know the true value of your claim and how to negotiate a lump sum settlement in your best interest. Call us at 215.587.8400 or contact us online to discuss your specific situation in a free consultation. We have several offices in the Philadelphia area, Bucks County, Delaware County, Chester County and Berks County, and take cases throughout Pennsylvania. We also have Spanish speakers on staff.
THE PROS AND CONS OF A 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 Law 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 loved ones.
Arrange a free consultation at one of our offices in the Philadelphia metro area and surrounding counties of southeast Pennsylvania. We can also do a virtual meeting through the computer/phone.
CAUTION! do not enter a settlement (or sign anything from your employer or insurer) without first contacting us. 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 do not have to worry about defense medical exams.
- The insurance company won’t send private eyes to catch you being “not disabled.”
- You no longer have to worry about constantly going to court to fight over your benefits.
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.
- You prefer weekly/bi-weekly checks rather than a lump sum check.
LET’S LOOK AT YOUR CASE TOGETHER
Our attorneys bring decades of focused experience relating to your workers’ comp settlement. We analyze numerous 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 215.587.8400 to schedule your consultation with a lawyer who understands workers’ compensation settlements.