Lump Sum Settlement
I’m Bob Moodie from Friedman Law Offices in Lincoln, Nebraska. Thank you for visiting our blog. We hear a lot of questions about settlements in Workers’ Compensation cases. If you are thinking about a settlement in your case here on some things you know.
Workers’ Compensation benefits are designed to be paid out in weekly installments. You do not have to agree to a final settlement in order to receive your benefits. Many people are paid everything they are supposed to receive without having to agree to a settlement which closes out their case.
However some people would rather not have to wait for their benefits to be paid out in weekly checks. Likewise, if your case is being disputed you might not want to take the risk of winning or losing a hearing in front of the Workers’ Compensation Court. Therefore it is sometimes possible to negotiate a lump sum settlement.
Settlements like this are purely voluntary and must be agreed to by both sides. The employer or insurance company cannot force you to take a final settlement and neither can you force them to pay a settlement.
Final settlements are voluntary
Sometimes a final settlement is a good idea and sometimes it isn’t. The advantage to a lump sum settlement is that you do not have to wait for your benefits to be paid in weekly installments. However the disadvantage is that it will close your case out and it will be very hard, if not impossible, to ever again collect additional benefits, even if your condition becomes worse.
A Final Settlement will close our your case
If you collect your benefits in weekly installments your case will stay open for as long as you receive those payments and probably even for a couple of years after the last weekly payment. This means that if your condition gets worse or if you need more medical treatment in the future you may be able to get additional coverage under your claim. An experienced Workers’ Compensation lawyer can help you evaluate these options as well as negotiate the best possible settlement.
If you have questions, please call us at 800 876- 1093. There is never a charge to find out if we can help you. Also feel free to leave a comment. Thanks for logging in.