No one can force you to accept a lump sum settlement in your workers’ compensation case. Further, you can’t force the insurance carrier to offer you a settlement; both sides must agree to settle your case. Once you accept a lump sum payment, you may not be entitled to any future benefits for lost wages, medical care, or prescription drugs. If your health condition gets worse after the settlement, you will be responsible for your future medical needs. For this reason, you should never accept a lump sum settlement without consulting with a workers’ compensation attorney.
There is a lot to consider in determining a fair lump sum settlement amount. You should be aware that the workers’ compensation carrier does not represent your interests in these negotiations and has a financial interest in settling your case for the lowest possible amount. You should have someone on your side who knows the workers’ compensation laws. Contact MM&D today for a consultation.