You may have already filed a workers’ comp claim if you have sustained a workplace injury. But when taking the workers’ comp settlement, you may have the question of whether to take Lump Sum payments or weekly payments. A Richmond workers’ comp attorney can help you understand which option would be better suited for your situation.
What is the difference between lump sum payments and lifetime medical benefits?
A lump sum settlement is also called Compromise & Release. It is a single large payment. This large amount is supposed to cover your medical expenses for life, and you have to manage this money on your own. Whereas with weekly payments, you are gradually paid for the remainder of your life. The insurance provider would cover all medical expenses related to your workplace injury.
The benefits of lump sum payments
The cases in which a lump sum payment may be more beneficial are:
- You are not recovering, or you have reached the maximum extent of recovery. This means that you will likely not have any future medical expenses, and the lump sum payment can thus cover all your past and current medical expenses.
- The lump sum offered can provide you with financial security as you recover. This may be a good idea to accept if you, your lawyer, and your doctors all agree that the lump sum payment is sufficient enough to give you financial security while you recover.
The cons of lump sum payments
Some signs that a lump sum payment is not the right option for you are:
- You are still in the early stages of your recovery and have not recovered enough from your workplace injury. At this stage, it can be hard to determine the amount of money it will take to fully recover, and the lump sum payment may end up being less than what you need.
- Your doctor thinks that there is a chance your workplace injury would need further medical treatment or assistance. If the lump sum payment is insufficient, you may have to pay for the future medical treatment yourself.
- Your case might qualify for social security benefits.
Get a professional’s opinion.
If you are trying to choose between lump sum payments and weekly payments, many things need to be considered. Getting a professional’s opinion is advisable before deciding what type of settlement to take. Schedule a consultation with an experienced workers’ comp lawyer today and get the legal help you need.