Should You Take a Lump Sum Settlement for a Workers Comp Claim?
Workers compensation is a program designed to compensate workers injured on-the-job and get them back to work whenever possible. If you have the misfortune of suffering a permanently disabling illness or injury while on the job, you may be entitled to significant benefits under New Jersey Workers Compensation Law.
Depending on the facts of your case, it may be advisable for you to consider a settlement of your workers’ compensation claim instead of being drawn into a lengthy battle regarding the benefits that you deserve under the program. A skilled workers compensation attorney knows how to argue for the maximum settlement amount and can advise you on how to strategize to secure the best settlement based on the facts of your case. A settlement can take the form of a lump sum or can have a lengthy payment structure.
Consider a lump sum settlement very carefully. Should you opt for a lump sum amount, you will not receive any future payments and you will not receive medical expenses over the course of your treatments. A lump sum settlement needs to be examined carefully to protect the worker and is often not a wise choice. When an employee settles for a set lump sum amount, the employee is generally required to sign a release forbidding any future claims against the insurer in return for receiving the payment in full. If your injury grows worse as the years pass, you will have no recourse with your employer.
A knowledgeable workers compensation attorney can assist you with your questions.