Are workers’ compensation settlements final?
Coconut Grove, FL—Once an injured worker accepts a settlement from the insurance company, their case will usually close, and they won’t be entitled to recover additional benefits going forward. While settlements are beneficial for some, especially those who have been out of work and have run into financial troubles, it is important for injured workers to understand the pros and cons of accepting a workers’ compensation settlement.
What are the pros to accepting a workers’ comp settlement?
Settlements are usually provided in lump sums. This means an individual may be provided with a substantial amount of money up front as opposed to receiving weekly benefits as they were while their claim was open and active. A lump sum of money can help a disabled worker get back on their feet by allowing them to get partially or fully caught up on any outstanding balances they might have.
What are the cons to accepting a workers’ comp settlement?
Although a lump sum of money might sound good, an individual who accepts it is at risk of spending it early on before they are able to get the care they need. Most workers’ comp settlements include funds for lost wages, future medical expenses, and more, but if a disabled worker spends their settlement money quickly, they might not have enough to cover the care they are expected to need in the future.
How does an injured worker know when they should accept a settlement from the insurance company?
Accepting a workers’ compensation settlement is a big step to take as it often means an individual is willing to give up their right to benefits in exchange for money. This is why many individuals struggle to decide whether they should take a settlement or continue to receive benefits.
While a Coconut Grove, FL workers’ compensation attorney can certainly help an injured worker make an informed decision, they really need to consider the amount offered vs. the medical care they still need rendered. If an individual is likely to need additional care and surgery, then a settlement might not be the best choice. But, if little care is needed going forward and the settlement will allow an individual to afford their cost of living without having to work, then perhaps they might want to consider the settlement.
Injured Workers Should Refrain From Accepting a Settlement Until After They Have Consulted with a Workers’ Compensation Lawyer in Coconut Grove, FL
Before an injured worker accepts a settlement offer, they are encouraged to speak with a workers’ comp attorneywho can weigh the pros and cons with them. Settlements should only be accepted once the terms have been carefully reviewed and an injured worker fully understands what they are agreeing to.
If someone in Coconut Grove, FL is considering accepting a workers’ comp settlement, the work injury attorneys at Mario Trespalacios P.A. are here to help them make the best decision possible.
Mario Trespalacios P.A. can be contacted at:
9495 SW 72 Street, Suite B-275
Miami, FL 33173
Phone: 305-261-5800
Website: www.mtpalegal.com
