For many people, instant gratification can be irresistibly attractive, even when they know that it may not be best. We understand that a lump-sum Workers’ Compensation settlement for wage loss and medical benefits can seem very attractive when you are injured and unable to work.
The truth is that a lump-sum or partial lump-sum settlement may be a good option, but it may also cost you a great deal. What you really need to know is that without a lawyer, your employer or their insurer may not offer you a fair deal. Protect your Workers’ Compensation benefits by calling 267-589-0090 or contact us online for a free consultation. We will make sure that your interests are protected.
Although a judge must approve them first, Compromise and Release Agreements allow injured workers to take a one-time lump-sum settlement for past, present, and expected wage losses or for both their wage losses and their medical benefits. If approved, an injured worker could receive his or her settlement in as little as one week. In addition, only the interest on deferred amounts is taxable.
The answer to the question of whether or not you should sign such an agreement is more complicated.
Essentially, the answer depends on the value of your case. What is that value? Ultimately, it is a number that takes into account factors such as the nature and extent of your injury, the medical treatments you have had or may need in the future, the amount of wages or salary you make, your age, and a number of other things. Our Philadelphia Workers’ Compensation lawyers can evaluate whether or not a lump sum might be a good option for you and, if so, how much that lump sum should be.
For more than two decades, Gross & Kenny, LLP, have dedicated their entire practice to helping injured workers get the complete package of Workers’ Compensation and disability benefits they are entitled to under the law. For a free consultation about your claim, call our Philadelphia Workers’ Compensation lawyers at 267-589-0090 or contact us online.