How You May Win A Lump Sum Settlement With Workers’ Compensation Benefits

If you are collecting workers’ compensation benefits, there is the possibility that you can end up with a settlement of your case. This is what is referred to as a lump sum settlement because you would be receiving an amount now instead of potentially receiving weekly disability benefits into the future. Whether you are receiving partial disability workers’ compensation benefits or total disability workers’ compensation benefits, or are presently not receiving any disability benefits at all but have the potential of doing so, you and the insurance company can reach an agreement that pays you a certain amount of money in exchange for your not collecting any more weekly disability checks.

 What is a Reasonable Amount for a Lump Sum Settlement and How Does it Work For You?

  As a lump sum settlement is totally voluntary (meaning that neither you nor the insurance company can force the other to enter into a settlement of your workers’ compensation claim); the amount of the settlement is whatever amount you and the insurance company can agree upon. However, what is considered a fair and reasonable settlement depends on several factors such as: • the amount of your weekly disability benefits • the severity of your injury and how it effects your ability to work (along with the opinions of the doctors on those matters)

. What is the Process That Enables You to Claim Your Workers’ Compensation Settlement?

A lump sum settlement is obtained through negotiations between your attorney and the attorney or adjuster for the insurance company. If both you and the insurance company can agree on the amount of the settlement (the employer who you were working for when you got injured must also agree on the amount), then the terms of the settlement must be presented to a judge at the Department of Industrial Accidents for approval. The judge has the responsibility of determining if the settlement is in your best interest. Will the Insurance Company Continue to Pay for Your Treatment After a Lump Sum Settlement? The answer is Yes, in most but not all cases.

Since you are entering into a lump sum settlement of your workers’ compensation claim, it does not affect the insurance company’s responsibility for payment of future medical treatment of your work-related injuries. What does terminate is your right to receive any further weekly disability checks after the date that the judge approves the settlement agreement. Settlement of a workers’ compensation case is an important step and the timing on when to do so can be critical. The attorneys at Yellin & Hyman have obtained substantial lump sum settlements for many of our workers’ compensation clients. Contact us today to discuss all of the pros and cons of resolving your claim by way of a lump sum settlement to ensure that it is in fact in your best interest to do so. Yellin & Hyman, PC handles all types of matters relating to Workers’ Compensation, Social Security Disability and Personal Injury claims.

 Yellin & Hyman, PC www.yellin-hyman.com 1259 Hyde Park Avenue 693 E. Central Street Suite 128 Suite 201 Hyde Park, MA 02136 Franklin, MA 02038 (617) 361-5310 (508) 528-8885