In Denver, Workers’ Compensation benefits may continue for as long as you live. However, the insurance company may offer you a lump-sum settlement in exchange for not having to pay any benefits in the future. If this is the case, you should contact Jeffers Denver Law to discuss the lump sum payment and determine if this will be in your best interest.
Workers’ Compensation Settlements
No one can force you to accept a lump sum settlement of your workers’ compensation case. At the same time, you can not force an insurance company to provide you with a lump sum payment. All parties involved will have to come to the same agreement beforehand.
Once you accept a lump sum payment, you are not entitled to any future benefits for lost wages, medical care or prescription drugs. If your health condition gets worse after the settlement, you will be responsible for your future medical needs. For this reason, you should never accept a lump sum settlement without consulting with a workers’ compensation attorney.
There is a lot to consider in determining a fair lump sum settlement amount. Please be aware that your Workers’ Compensation company or carrier does not represent your interests in these cases. They have a financial interest in settling your case for the lowest possible amount.
If you are being offered a lump sum payment from a Workers’ Compensation Claim, before you accept, you need to speak with an attorney here at Jeffers Denver Law.
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