Workers' Comp Settlements
Periodic Payments and Lump Sum Settlements
In many workers' compensation cases, the beneficiary receives periodic
payments on an ongoing basis. If the worker is receiving temporary partial
or total disability benefits, then he or she will continue to receive
payments until reaching the maximum medical improvement. If, on the other
hand, you have been approved for permanent total disability benefits,
then you can expect to continue receiving payments for the rest of your
life. In some situations, the case will be closed when the insurance company
and the claimant reach a settlement.
If you have been offered a settlement for your workers' compensation claim,
then you should not take any further action before consulting with an
attorney from Clawson & Clawson, LLP. Call us at (719) 602-5888 today!
Depending on the circumstances of the case, it may or may not be in your
best interest to accept a settlement offer. What you must remember is
that the insurance company is in business to make money, and so the company's
representatives are not at all likely to be generous when offering you payment.
Our firm's Colorado Springs workers' comp lawyers can review the situation
to determine whether it is a fair offer, as well as represent you in negotiations
with the insurance company over the amount and type of settlement. An
attorney can help you determine whether accepting an offer of periodic
payments or a lump sum is best for you.
Why You Shouldn't Accept a Workers' Comp Settlement
Perhaps the primary advantage to accepting a lump sum settlement is that
it offers you the opportunity of obtaining
workers' comp benefits without having to engage in a lengthy legal battle. There are, however,
disadvantages that must be considered. As mentioned above, the offered
amount may be less — often substantially less — than the amount
you deserve. There is also the fact that by accepting the settlement,
you will be waiving your right to pursue the claim any further. This would
mean that if your condition should worsen, you would not be able to claim
further medical benefits and would have to pay for additional treatment yourself.
Additionally, by accepting the settlement, you would no longer be able
to convert your benefits from permanent partial disability to permanent
total disability. It is one of the
rights of an injured worker to reopen a case, but if you accept a settlement, then you will be waiving
Our goal is to do whatever is in your best interest, and we are ready to
meet with you for a free consultation to help you make an informed decision
about how to proceed.