Roeschke Law, LLC is dedicated to helping injured workers in Arizona obtain the workers’ compensation benefits they deserve. Under the state’s workers’ compensation program, you may be able to obtain a lump sum settlement. By doing so, however, you may lose your right to benefits in the future. If you are considering a lump sum settlement, it is crucial to have the informed representation we provide.
We understand that not being able to work and make a living is difficult, however, our objective is to protect your interests. Insurance companies typically offer lump sum settlements for less than full value. When you consult with us, we will carefully explain the advantages and disadvantages of agreeing to a lump sum settlement. Please contact our office today for a free evaluation of your case.
What is a Lump Sum Settlement?
Prior to 2018, workers in Arizona were not permitted to settle workers’ compensation claims; however, the state law was amended at that time to permit full and final settlements with limitations. A lump sum settlement is known as a compromise and settlement agreement under which the injured worker receives a lump sum payment in exchange for releasing wage and medical benefits.
Workers can receive a single payout or agree to a structured settlement in which payments are made over time. Lump sum settlements are voluntary for both the claimant and the insurance carrier. Both parties must agree to the settlement, but these agreements are typically slanted in favor of the insurer.
By agreeing, you forfeit your right to future benefits for your work-related injury. In addition, it is an agreement between you and the insurance carrier, however, it must be approved by an Administrative Law Judge with the Industrial Commission of Arizona, the state agency that oversees the workers’ compensation program. Ultimately, it takes a skilled worker’s compensation attorney to negotiate a settlement agreement that protects your rights.
Should I Consider a Lump Sum Settlement of My Workers’ Comp Claim?
There are benefits to a lump sum settlement. The settlement proceeds can help to stabilize your finances after being out of work and you no longer have to deal with the insurance company. In addition, you are no longer required to see the doctor that has been appointed to you, which means you can take charge of your medical care.
On the other hand, a lump sum payment can pose problems if you have difficulty managing money. While you may be able to enter into a structured settlement, once you accept a lump sum, you will no longer be eligible for future benefits, even if your condition worsens. This can be especially problematic if your injury results in complications that require additional surgeries or ongoing rehabilitation and therapy.
How Roeschke Law, LLC Can Help
Our experienced workers’ compensation attorneys have the skills and experience to negotiate a lump sum settlement as long as it is in your best interests. We are keenly aware that insurance carriers prefer lump sum settlements because they can save money and protect their profits. Before you accept, our attorneys will consider some important questions with you, including:
- How long will you be unable to work?
- Is your medical condition likely to get worse?
- Is your claim being disputed by the insurance company?
- How will the settlement affect your right to other benefits, such as medical care?
- What is the total value of your current claim?
Our legal team has a proven history of helping injured workers obtain the benefits they need and deserve. Although insurance carriers have an unfair advantage over injured workers, we have the skills and experience to level the playing field. By working with our experienced workers’ compensation attorneys, you will be able to make an informed decision about a lump sum settlement of your workers’ compensation claim.
Contact Our Experienced Arizona Workers’ Compensation Lawyers
Roeschke Law, LLC is a premier disability and workers’ compensation practice servicing clients throughout Arizona. Well-versed in the rules governing lump sum settlements, we know how to assess the future costs of your injury and will work closely with you to determine whether accepting a lump sum settlement is the right option for you.
You should know that if you have a permanent disability, a lump sum settlement may not be in your best interests. This is because partial disability benefits continue for as long as you are injured, even that is for a lifetime. Before you sign away your right to future benefits, contact Roeschke Law, LLC. When you become our client, you will have peace of mind knowing that we are here to protect your rights.
Because we understand the medical financial challenges you face, we offer consultations and will not charge you any attorneys’ fees until we obtain benefits for you. If you are considering a lump sum settlement, contact our office to speak with one of our workers’ compensation attorneys.