Lump Sum Settlements
Schuylkill County Workers’ Compensation Attorneys
If you were injured at work or are suffering from an occupational illness and have been off work for some time, your employer may offer a lump sum settlement or compromise and release agreement to settle your claim. While this type of offer may cover lost earnings and/or medical benefits, it is important to have your attorney review such a settlement before you agree to or sign anything. You must be certain that the offer is truly in your best interests and not short of what you actually need or deserve to recover.
With our extensive workers’ compensation experience, we at The Law Offices of Anthony Urban, P.C. can offer the insight you need in the face of a settlement offer. If the offer is too low, we can work to negotiate for a fair settlement on your behalf. In some cases, we can pursue additional benefits or can even consider whether you have a personal injury case against a third party, which would open the door to financial compensation for pain and suffering and other losses not typically covered by workers’ comp.
Call (888) 268-0023 to talk to our Schuylkill County workers’ compensation attorneys about lump sum settlements and compromise and release agreements in Pennsylvania.
Benefits of a Lump Sum Settlement
If you’ve been out of work for more than four months and have been receiving workers’ compensation benefits, you may be able to settle with the insurance company for a lump sum that would replace your weekly workers’ comp payments, medical bills, or both.
A lump sum settlement may be in your best interests if:
- You have reached maximum medical improvement (MMI), meaning your condition has stabilized to a point that no major change, medical or emotional, can be expected in the future.
- You want to stop the hassle of dealing with the workers’ compensation system every month so you can move on.
- You want the freedom to spend your settlement as you see fit, rather than set aside specific amounts for medical care.
- You want to be able to invest some or all of your settlement.
- You want the option to return to work in a limited capacity without jeopardizing your workers’ compensation benefits.
- You want to include your workers’ comp benefits in your will or a trust to pass on to family members or other loved ones.
It is important to note that, if you accept a lump sum settlement, your workers’ compensation claim will essentially be closed. You will not be able to receive additional workers’ comp benefits for this same condition or injury. That is why we highly recommend discussing your options with an attorney and having our team negotiate on your behalf to ensure your settlement is fair and complete.
Considering a Compromise & Release Agreement?
A compromise and release agreement is a type of settlement that typically closes all aspects of a workers' compensation claim permanently, except for vocational rehabilitation benefits. The one lump sum paid to you in order to close out your claim is known as a compromise and release.
A few states prohibit compromise and release agreements, but Pennsylvania does not. Insurance companies have a good amount of leeway in drafting the terms of these agreements, which makes it crucial to involve an attorney who can protect your interests. Your lump sum settlement or compromise and release agreement must also be approved by a workers’ compensation judge.
Contact an Experienced Lump Sum Settlement Lawyer Today
A compromise and release may sound like a good deal; to be honest, it often is in your best interests. Yet, insurance companies also tend to look out for their own bottom line over that of their customers. This is why it is wise to consult with a lawyer before signing any agreements. An attorney can help you determine whether your lump sum settlement is fair and adequately covers your medical and other related expenses. We offer free and no-obligation consultations to all new clients, so please do not hesitate to reach out to us to discuss your compromise and release agreement.
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