If you are approved for workers’ compensation1 benefits after an on the job injury, there are different options you may have for receiving your benefits for lost wages. You may receive benefit checks on a regular basis or the workers’ compensation insurance company may offer you a settlement. A settlement will be paid all at once in a lump sum and, in certain situations, can be beneficial for the injured worker. However, before you ever accept any type of workers’ compensation settlement, there are many factors to consider to protect your rights and interests.
Does the offer cover all of your future needs?
If you accept a settlement offer, you will no longer be able to receive benefits for that particular injury. This means that you will be responsible for covering the costs of all medical treatment you need in the future, as well as finding a way to pay your bills if you have suffered a reduction in income or cannot work due to your injury. You should always make sure that the settlement is sufficient enough to provide for your financial needs for the extent of your injury.
Additionally, a lump sum settlement sounds favorable to many people because they can use to make a large purchase, such as a car or a down payment on a house. However, if you then have future costs related to your injury, your benefits will be depleted and the expenses of your injury can cause significant financial strain on you and your household.
Consult with a qualified workers’ compensation lawyer regarding your case today
Individuals injured on the job may be thrilled to learn they have been offered a settlement from their employer’s workers’ compensation insurer. However, accepting a settlement offer too hastily and without the advice of an experienced South Carolina workers’ compensation attorney can deprive you of important benefits that you need to cover the future costs of your injuries. At the Law Firm of Walter Hundley, we have helped many injured workers in and around Charleston decide whether or not to accept a settlement offer and how to manage your benefits. If you are looking for a South Carolina workers’ compensation attorney to help with your claim, call us at 843-723-1995 or 866-723-1995 for help today.