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If you have been offered a lump-sum settlement for your work injury, do not sign anything without speaking to one of the Philadelphia workers compensation lawyers at Gross & Kenny, LLP.
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What Should I Know About Lump-Sum Workers’ Compensation Payments?
If a worker is injured on the job and receives Workers’ Compensation benefits, he or she may be approached by his or her employer or the insurer with an offer to settle the case. A settlement can be comprised of monthly payments over a specified period of time or a lump-sum payment, which is receiving all of the money at once. In Pennsylvania, a lump-sum settlement lump-sum settlement is a compromise and release agreement, which means that in return for a one-time payment, a worker agrees to release an employer and the insurer from paying future Workers’ Compensation benefits for that work-related injury work-related injury.
Many people are tempted by the amount of money being offered upfront, and it may be helpful to have cash when going through recovery. However, settlement agreements are complex, and before accepting a lump-sum payment, there are many factors to take into consideration to ensure that this option is the most beneficial.
Settling a Claim is Settling a Claim is Voluntary Voluntary It is important to remember that a worker is not obligated to accept any kind of offer to settle a Workers’ Compensation claim. If an injured worker is interested in a settlement, he or she can negotiate the terms and the amount, although it is not advisable to do so without the help of a lawyer.
When employers or insurers offer to payout claims, it is generally because they have the advantage to do so. In some cases, it is possible to come out ahead, but a worker should know that if a lump-sum payment is chosen, he or she will be giving up something in return, he or she must be sure that it is worth the exchange. Thinking about the recovery process of a medical condition should be foremost when deciding whether to accept a lump-sum settlement lump-sum settlement of a claim. Once an injured worker signs an agreement, it cannot be re-opened later. For this reason, it is important to think about the recovery process.
What is a Permanent What is a Permanent Partial Disability? Partial Disability? Sometimes, a work-related injury results in a permanent partial disability, which is a condition where someone can still work with restrictions because of an injury. In Pennsylvania, Workers’ Compensation also provides awards for permanent disfigurement, which is called specific loss benefits, if a work injury resulted in the amputation of a body part, vision loss vision loss, hearing loss hearing loss, paralysis, or permanent scarring.
Perhaps the condition resulting from a work-injury could develop into other medical issues that require care and will be expensive. Accepting the settlement could also mean waiving the right to argue that he or she has a permanent total disability or another medical condition related to this claim. Evaluate the offer very carefully, and if it is difficult to understand the agreement, it is extremely important to consult with an experienced Workers’ Compensation lawyer.
Temporary Temporary Total Total Disability Disability Payments Payments Sometimes, a work-related injury forces a worker to stay at home during recovery because he or she is temporarily unable to perform any work duties. If this happens, and an employer missed some payments or paid the wrong amount, a worker may be offered a lump-sum settlement for the amount. Before accepting a settlement, a worker should check to see if he or she is also owed state-mandated penalties for late payments to be sure that he or she is getting all the entitled money.
Permanent Total Disability Benefits If a work-related injury work-related injury leaves a worker unable to work at all, he or she may be entitled to permanent total disability benefits. In addition to Workers’ Compensation payments for permanent total disability, he or she may be eligible for a lifetime pension award.
What Else Should You Consider? If a claim is in dispute and an employer or insurer has offered a settlement and it is not accepted, there is a chance a worker could lose the case. A judge would side with the employer, leaving a worker with little or no benefits and settlement. A worker could also win more than the settlement that is offered, but it will remain uncertain until the appeal process.
Philadelphia Workers’ Compensation Lawyers at Gross & Kenny, LLP Negotiate Lump-Sum Settlements for Injured Workers If you have been offered a lump-sum settlement for your work injury, do not sign anything without speaking to one of Their Philadelphia Philadelphia workers compensation lawyers workers compensation lawyers at Gross & Gross & Kenny, LLP. Kenny, LLP. Their lawyers help injured workers get fair settlements. Contact them online or call at 215-512-1500 for a free consultation today. Located in Philadelphia, they serve clients throughout Pennsylvania.
Gross & Kenny, LLP Gross & Kenny, LLP Address Phone Website 1500 John F Kennedy 1500 John F Kennedy Boulevard, Suite 1450 Boulevard, Suite 1450 Philadelphia, PA 19102 Philadelphia, PA 19102 https://www.philaworkerscomp .com/contact/ 215-512-1500 215-512-1500
