Under Illinois’ Worker’s Compensation Act, workers have the right to accept a lump sum benefit or settlement for their injuries versus accepting ongoing payments. Employers and their insurance carriers often strive to offer a lump sum settlement as it usually terminates any further payments to the employee for their injury and can cost them less in the long run. While a seemingly large lump sum benefit may look enticing to an injured worker, it is important that they have legal counsel to help them determine whether a lump sum settlement is in their best interest and whether the amount offered is adequate to cover their current and future financial costs for their injury.
Rosenfeld Injury Lawyers LLC knows the value of Illinois workers compensation cases. If you are an injured worker and have questions regarding your lump sum case value, contact our office and discuss your case with a workers compensation attorney who will look out for your rights.
Pros And Cons Of Lump Sum Workers Compensation Settlements
Any injured worker that is offered a lump sum benefit or settlement from their employer for their injury needs to look at both the pros and cons of accepting the payment. There is a reason an employer or their insurance carrier offers a lump sum benefit; they believe it will cost them less money over the long term. However, there are times when a lump sum settlement may also be in the best interest of the worker as well. When offered a lump sum, an injured worker should consider:
- How the settlement will affect their rights to benefits such as medical care
- Whether the lump sum amount is enough to cover their medical and time loss costs for their injury
- How long they will be unable to work
- The possibility of their medical condition getting worse
Many injured workers quickly accept a lump sum settlement offered by their employer or their employer’s insurance company without considering the cost of future medical treatments, how long they will be unable to work or whether they will be able to work again at all. Once an employee accepts a lump sum benefit and the contract is accepted by the Illinois Industrial Commission, the employee most likely is not eligible for any additional Worker’s Compensation benefits for their injury.
However, there are possible pros or benefits to accepting a settlement contract for a work injury. In some cases, an employee may run the risk of not receiving any benefits or less than the amount the settlement. Especially in injury cases that are difficult to prove whether the injury or illness was caused from their work environment, an injured worker may be better off accepting the settlement versus risking losing in a trial.Learn More About Illinois Workers Compensation Benefits From Rosenfeld Injury Lawyers LLC
Whenever a lump sum settlement is offered for Worker’s Compensation, injured employees should have an experienced attorney on their side to consider all the options and look out for their best interests. An attorney familiar with Worker’s Compensation and settlement offers can help determine whether the lump sum is fair and discuss the possible risks of pursuing a trial. We welcome you to contact our office for a free evaluation of your rights under the Illinois Workers Compensation Act. As with all of our cases, we only charge an attorneys’ fee when there is a recovery for you.