Get The Facts About Lump Sum Settlements Before You Make A Decision
There are a number of 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 in Bristol, we carefully review your situation and offer advice on whether a lump sum settlement is appropriate. It is always your decision whether to accept a settlement. It is our job to make sure your decision is an informed one that weighs all the factors.
Attorney Cullen is a Certified Specialist in Workers’ Compensation. He is one of a select group of attorneys who has been certified as a Specialist by the Pennsylvania Bar Association’s Section on Workers’ Compensation Law, as authorized by the Pennsylvania Supreme Court.
Contact our Bristol workers’ compensation settlement attorney today to schedule an appointment. You can also call the law office at 267-812-5870.
Pros And Cons Of A Lump Sum Settlement
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.
Whether to accept a lump sum settlement will depend on many factors. Some factors to consider include:
- Improvement of health — Some of our clients feel it is a good idea to accept a settlement before their health is back to 100 percent.
- Declining health — 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.
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.
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.ROBERT CULLEN