Should You Take the Lump Sum Settlement?
There are many good reasons to accept a lump sum claim settlement, but there are just as many reasons not to. Whether to accept the claim settlement depends on your injury, your medical needs, your financial situation and many other factors.
At Cullen Legal, we take a very detailed view of your situation and offer advice on whether a lump sum is appropriate for you. It is always your decision whether to accept a settlement. At Cullen Legal, we make sure that your decision is an informed one that weighs all the factors.
Bucks County Lump Sum Settlement — Pros and Cons
Whether to accept a lump sum settlement will depend on many factors. Below are a few considerations that we have seen.
- A client's health is improving — Some of our clients feel it is a good idea to accept a settlement before their health is back to 100 percent.
- A client's health is declining — It may not be a good idea to accept a settlement that is too little or may not cover future medical needs.
- Other needs — For individuals with specific needs, such as college tuition, a lump sum may offer some financial flexibility.
- Retirement — As an individual gets closer to retirement, a lump sum settlement may be appealing.
There are two aspects to a workers' compensation claim: the medical side (hospital and doctor fees) and the indemnity side (lost wages). You can accept a lump sum for wage loss compensation and not for medical compensation, or vice versa. An experienced workers' comp lawyer can help negotiate the best settlement possible based on your circumstances.
Workers' Compensation Medicare Set-Aside Arrangements (WCMSAs)
At Cullen Legal, we can also work with those near retirement age to obtain approval for a Medicare set-aside arrangement from the Center for Medicaid and Medicare Services (CMS). A WCMSA keeps track of the workers' comp settlement amount, and when the amount is totally spent, Medicare covers any future medical expenses related to the workers' comp injury.
Dedicated to Pennsylvania Workers
Contact our Bristol workers' compensation settlement attorney via e-mail, or call the law office at 267-202-0084 locally or 888-691-7004 toll free.
A helicopter mechanic was awarded a $95,000 lump sum settlement for a lumbar disk bulge. I was able to successfully negotiate this amount because he was a surgical candidate, and the employer did not want to take the risk of a bad surgical result.
