Should You Accept A Lump-Sum Settlement?
Depending on the extent of your work injury and a range of other factors, you may be offered a one-time settlement as payment of your workers’ compensation claim. This is permitted in Ohio, which has a state fund system, but whether you should accept or try to negotiate a lump-sum settlement is an issue that calls for experienced, trustworthy legal counsel.
At the Philip J. Fulton Law Office in Columbus, you will work closely with an attorney who knows the system in depth and is dedicated to offering clear guidance in your best interests. Our decades of experience evaluating all types of workers’ compensation claims and earning positive results for our clients will be a tremendous asset if the possibility of a settlement is in play.
Careful Evaluation Of Your Case And Rigorous Protection Of Your Interests
It is important to understand that any settlement must be approved by a hearing officer with the Ohio Bureau of Workers’ Compensation (BWC) and/or the Ohio Industrial Commission. Key considerations in your case may include recognition that:
- Accepting a lump-sum settlement will end your right to claim past, present or future benefits, even if your medical condition proves more severe than you currently believe.
- The experience and diligence of your lawyer may be absolutely critical to ensuring that the agreement governing your settlement contains the proper language to protect you.
- Some settlements require a consideration of your Social Security Disability benefits so they are not negatively affected.
- Some settlements require a Medicare set-aside arrangement that allocates funds for payment of projected future medical expenses and grasping the implications of this is vital.
Dedicated To Helping You Make Fully Informed Decisions
The prospect of receiving a lump sum rather than relying on periodic payments of benefits may be very appealing, but it is not the best decision in every case. We are committed to thoroughly evaluating all aspects of your case, working with your doctors as needed, and ensuring that you have the information you need to make the best moves for your future.
Contact Our Central Ohio Workers’ Compensation Attorneys Now
Anyone considering a workers’ compensation lump-sum settlement should get qualified legal counsel as promptly as possible. To schedule a free consultation with a lawyer at our firm, call us at 614-963-9569. You may also reach us by email.