Get the Workers Compensation Settlement You Deserve
Talk with Our Workers Comp Lawyers at Our Bucks County and Montgomery County Law Offices
If you have been injured on the job and have a successful workers’ compensation claim, it can be tempting to accept a big chunk of money all at once instead of getting paid over a specific timeframe. The question is: Are you sure that the settlement offer is adequate, and are you comfortable with waiving your rights to future benefits should you have medical needs down the road? At our workers' comp law firm, our workers’ comp lawyers know there are numerous factors to consider before you decide to take a lump-sum settlement or opt for weekly benefits.
Our work injury lawyers have helped people in Bucks County, Montgomery County and surrounding areas weigh their options to make the decision that is right for themselves and their family.
How lump-sum workers’ compensation settlements work
In Pennsylvania, you and your employer’s insurance company can agree to “compromise and release,” which means that you agree to settle for a lump sum in exchange for releasing your employer — more specifically, your employer’s insurance company — from any additional liability. Once you and the insurance company sign a petition for compromise and release, a judge reviews the petition and renders a decision.
According to the statute, the agreement must be “explicit with regard to payment, if any, of reasonable, necessary and related medical expenses.” Judges are concerned that you understand the significance of this agreement. As your workers’ comp lawyers, so are we — which is why we make sure that any agreement you choose to sign is in your best interest.
Why a lump-sum workers’ compensation settlement might be right for you
Of course, the main advantage of taking the money all at once is just that ... the money is yours all at once. Other advantages include:
- You can go back to work if you want and are able, and your compensation is still yours to keep.
- You won’t be investigated for faked disabilities.
- You do not have to keep going in for employer- or insurance-mandated medical exams.
- Benefits do not cease if you die, and nobody can take back your settlement award.
Why a lump-sum workers compensation settlement might not be your best choice
If there is one thing you need to understand about insurance companies, it is this. Your insurance company is in the business of making profits, not paying out more money than they absolutely must. In many cases, while the workers' compensation settlement amount may seem like a great deal, insurers know that a lump-sum distribution is usually in their best interest, not yours. Your medical expenses may soon outrun the amount of your settlement, and once you have signed on the dotted line, there is no going back for additional monies.
Our workers’ comp lawyers can help you make an informed choice
Our workers' comp lawyers at our Doylestown and Norristown workers comp law firm provide the know-how and experience you can rely on when making a decision regarding workers’ compensation settlements. Talk to us. Our work injury lawyers are glad to help you look at your options and make a decision that is right for you. We can also consult with our personal injury lawyers to help you with your case.