Pre-Paid Legal Advice:

Lump sum settlements

By Welch, Gold & Siegel – Pre-Paid Legal Services, Inc., Pennsylvania

One of the most frequently asked questions by people on workers compensation is, “Can I get a lump sum settlement?”

There are advantages to lump sum settlements. A lump sum settlement will help you move on with your life perhaps to make an investment in learning a new trade or education in order to find a more suitable career or perhaps start a new business based on your physical limitations. With a lump sum settlement, you won't have to worry about future negotiations regarding weekly or monthly payouts.

A lump sum settlement of your workers' compensation benefits is also called Compromise & Release or C&R Agreements.

Before accepting a lump sum settlement, please consider whether or not it will adequately pay your lost wages, whether it will include future medical bills, whether it will protect your Social Security and Medicare benefits.

In Pennsylvania, the law makes it difficult to reopen a workers' compensation claim after a settlement is approved – so you don't want to make any irreversible mistakes. Now is not the time to trust your employer's insurance company or your brother-in-law.

Don't even think for a minute that you can negotiate the best sum with your employer or his/her insurance company. What you need now is an experienced workers compensation lawyer by your side, one who has settled hundreds of cases that favored the injured employees not the insurance companies. A workers' compensation lawyer will ask you questions that you have not even thought of that will affect you and your medical expenses in the future.

Don't short change yourself. You have already suffered plenty. Feel good about getting and thriving from a workers' comp lump sum settlement.