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Lump Sum Settlements

If you have been injured on the job, you do not need to navigate the details of the workers’ compensation process on your own. It is important to enlist counsel to make sure that you do not lose out on the benefits to which you are entitled.

Dedicated Workers’ Compensation Lawyers Helping Residents of Stuart

The workers’ compensation system can be daunting for injured employees. There is a wide variety of rules, procedures, and requirements that must be met before you can secure benefit payments and compensation for your medical expenses. One of the biggest questions that injured workers and their families often consider involves the method and schedule of payments that they will receive. In many cases, the injured worker will receive weekly payments, but there are some situations in which the employee can opt to receive a lump sum settlement instead. At Donaldson & Weston, our Stuart workers’ compensation lawyers have assisted many injured workers with navigating Florida’s workers’ compensation system, and we are standing by to assist you.

Understanding Lump Sum Settlements in Workers’ Compensation Claims

If you have been injured on the job, you should notify your employer immediately and seek prompt medical attention. Your employer will notify its workers’ compensation insurance carrier, which will assign a claims adjuster to your case. The claims adjuster will then arrange for you to be seen by an approved medical professional. The doctor will assess the nature and scope of your injury, including whether it is partial or total and whether it is temporary or permanent. This assessment will be used to determine the amount of benefit payments that you will be entitled to receive to compensate you for your lost wages, as well as the duration of the payments. It is critical that you answer the doctor’s questions completely to ensure that your condition is diagnosed accurately. This is especially true when the injury involves an aggravation of a pre-existing condition. The medical examination can also help you determine whether your injury will require you to seek long-term medical care in the future.

In lieu of receiving weekly benefit payments, you may settle your workers’ compensation claim and receive a lump sum payment, with the help of your workers’ compensation lawyers. In exchange for this lump sum payment, your employer will no longer be liable for compensating you for your medical expenses. This is a voluntary process, which means that the employee has the power to choose whether or not to accept a lump sum settlement. The amount of the settlement will be calculated based on a variety of factors. First, the estimated value of your claim will be assessed, particularly when the claim is large. In most cases, the carrier will pay a small amount of money each week. This means that insurers may be less willing to provide lump sum payments for claims that involve a large amount of payments.

Other factors that will be considered include the health and age of the employee, their education and work experience, the amount of money that they have earned on an average weekly basis, and whether or not the employee will incur medical expenses associated with the injury in the future. Ensuring that you have the amount of compensation that you need to cope with your injury in the future is essential, especially if you have suffered a devastating injury in a construction accident or another serious accident on the job. A knowledgeable and experienced workers’ compensation lawyer can assist you with determining whether a lump sum settlement is right for you.