In many workers compensation cases, the employee receives weekly benefits to cover lost wages and also has all relevant medical bills paid by the insurer. In some cases, however, the person may be offered a settlement in the form of one lump sum payment or an installment arrangement. The installment arrangement is known as a structured settlement. A Workers Compensation Attorney in Ft. Pierce, FL can help the injured person decide when a settlement makes sense for someone in their situation.
Settlements for Permanent Disability
A settlement commonly is offered if the person has become permanently disabled. A Workers Compensation Attorney in Ft. Pierce, FL can be valuable in this situation to make sure the injured employee receives the maximum amount of compensation deserved. The insurer may have to pay a large percentage of lost wages for the number of years the person probably would have continued working.
Considering the Total Amounts
This can be a very substantial amount of money, although not as high as taking weekly benefits for those years would be. The insurer can provide a lower amount knowing that the claimant may appreciate having a large sum of money right now instead of having weekly benefits arrive for the next 20 years. A lump-sum payment also may be smaller than the total amount of a structured settlement. Legal counsel from a lawyer with an organization such as Matheson & Horowitz can help in the decision-making process.
Also, depending on the amount, the insurer may only be able to offer a structured settlement. The person would either have to accept that or continue receiving weekly benefits payments. It’s possible to bring the case before a judge in a hearing. However, that is risky because the judge might decide that a lower settlement amount is reasonable.
Settlements Are Final
Settlements are final, so the injured person must be sure he or she is satisfied with the amount accepted. This means considering what might happen in the future, such as wanting further treatment for the injury many years later. Information on one law firm providing this type of assistance can be viewed on the organization’s Facebook page.