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People can get their workers' compensation benefits paid in several modalities. However, there's no real answer to which one is better, as it will depend on what's best for each case. The following article will describe the benefits of each payment type so that anyone can understand them and pick the best one for their claims.
What Is a Workers Compensation Lump Sum Settlement
Once a worker gets injured in the workplace, the insurance carrier will mention several options for receiving their workers' compensation benefits. One of them will be a lump sum settlement, also called Compromise and Release. This type of payment consists of receiving a considerable amount of money up-front to not have any remaining financial obligations later on.
Most people receive their workers' compensation money weekly until they've completely healed. Taking a lump sum will prevent them from waiting until each week starts to get their money.
Getting this type of payment may not be for everyone, as the truth is that there is no way of knowing how much the person will spend on their medical expenses, so they could run out of money before returning to their regular work activities. In addition, their condition could get worse over time, which will cause them to spend much more money.
It is crucial to remember that most insurance companies will try to pay as little as possible to save themselves some money, so the injured workers end up with much less money than they deserve. In order to figure out whether this is a good option or not, the best thing to do is to talk with an experienced workers' compensation lawyer who can analyze the case and provide some guidance.
What's a Structured Settlement?
On the other hand, a structured settlement consists of receiving the money from the worker's compensation claim as an annuity over a regular period of time instead of a lump sum payment. Many people choose to get paid weekly, but depending on the case, this time can vary.
Some people choose to defer their worker's compensation settlement payment and increase the money they get over time. This is especially useful for cases where the condition worsens over the years, as they will need more money to take care of it.
Structured settlements can also earn interest, making them much more beneficial than lump sum settlements for those who wish to increase their money. Still, once workers choose this type of settlement agreement, they can't change it. Therefore, they should discuss it in a free consultation with the best workers comp lawyers in Columbus Ohio.
Lifetime Medical Benefits
Most worker's compensation attorneys will fight to ensure the future benefits of their clients. Therefore, although in most states, the workers can get a maximum of 500 weeks of partial disability and wage loss benefits, they can negotiate a better deal with the workers' compensation insurance company.
If the doctor believes the worker will need ongoing medical treatment for their work-related injury, they can opt for lifetime medical benefits. This is a fantastic option, as the injured worker will receive coverage for all medical costs if they can prove they're related to the injury. However, if they can't prove this, it may delay their recovery.
In most cases, permanent partial disability benefits include wage loss weekly benefits that are calculated from a permanent amount of a lump sum settlement. On the other hand, lifetime medical benefits don't include lost wages and will only cover future medical expenses.
Negotiate It with the Insurance Company
Creating an excellent attorney-client relationship is crucial, as this will make the workers' compensation case much more easy-going. Therefore, once the worker decides to take a lump sum payment in a free consultation with their lawyer, the next step is negotiating it with the insurance company to get the best possible deal for their work-related injury.
Workers' compensation cases may be a bit of a hassle, as they usually require a lot of medical treatment. Still, everything becomes much more manageable with the right law firm with fantastic workers' compensation attorneys. This will increase the possibility of filing a successful workers' compensation claim and getting a fair workers' compensation settlement. Having a good lawyer guarantees answering all the possible questions related to workers comp including if one can take a vacation while on workers compensation or how long can one be on workers compensation.