Obtaining workers’ compensation benefits can be a lengthy process. Even if an insurance company approves a claim and awards proper benefits, the way that workers’ compensation works means that you will receive cash payments over time. While these payments may stretch for months or even years, this can make it difficult for people looking to pay off long-term debt or make important life decisions.
One option is to end the case with workers’ compensation settlements in St. Louis. This can result in you receiving a lump-sum payment that can bring a swift influx of cash. However, it is important to recognize that this will be the full extent of your payments and that you will be responsible for paying for all your subsequent medical care. Talking with a well-practiced lawyer now could help you decide if pursuing a workers’ compensation settlement is the right choice for you.
The Effects of Accepting a Settlement
A workers’ compensation settlement in St. Louis functions as a way to exercise an employee’s legal rights. At the same time, it offers insurance companies a way to end their obligations to the case under the laws of the Department of Labor & Industrial Relations.
The primary impact of a workers’ compensation settlement is to bring an injured or ill employee full payment following an incident. Where normal workers’ compensation benefits can provide payments on a weekly basis for the foreseeable future, accepting a settlement means that an insurance company will provide benefits in a lump-sum. This can help affected workers pay for their current debts. Even so, it is crucial to understand that this payment will be the close of the case. It will not be possible to obtain additional payments in the future.
Another benefit that comes with a workers’ compensation case is the receipt of medical care. If an employee suffers from a condition where medical care can improve their functionality or future chances of recovery, an insurance company must pay for these sessions. However, once a worker accepts a settlement, the obligation of the insurance company to pay for these sessions comes to a close. This means that the worker will now be entirely responsible for their own medical care.
When Might a Settlement be Appropriate?
Deciding whether to pursue and accept a workers’ compensation settlement in St. Louis is a critical choice. As noted above, this will have a substantial impact on a person’s legal rights and finances.
Perhaps the most important idea to consider is whether an individual anticipates that they will need additional medical care in the future related to the illness or injury. Because accepting a workers’ compensation settlement means that an insurance company will no longer pay for sessions, a person’s own health insurance plan and ability to pay for future treatment should be a major consideration in this decision.
People in St. Louis considering a worker’s compensation settlement should also evaluate their current financial situation. The amount of a settlement lump-sum will usually be less than the compensation that a person would receive should they continue to accept weekly payments. As a result, the best long-term strategy is often to continue receiving scheduled benefits. Still, a person’s need to pay off debt or secure housing for their family can be a powerful motivator. A knowledgeable attorney from our firm could help determine if a settlement offer is right for injured and ill employees.
Call Today to Explore the Option of Pursuing Workers’ Compensation Settlements in St. Louis
The receipt of workers’ compensation benefits may never feel like it is enough to cover your bills or provide stability for your family. Weekly payments can be significant but will never rise to the amount of pay that you would have received if you had been able to remain on the job. For many, pursuing workers’ compensation settlements in St. Louis may be the answer. This can result in the receipt of a lump-sum payment to cover debts and bills.
Even so, there are potential drawbacks to this option. This will bring an end to your case, and you can never receive more money. In addition, you will be responsible to pay for your own medical costs. Reach out to an experienced attorney today to discuss the advantages and disadvantages of a workers’ compensation settlement and determine what route is best for you and your family.