Lump Sum Settlements
Atlanta Attorneys Helping Injured Employees Seek the Benefits They Deserve
If you or a loved one was hurt on the job and is seeking workers’ compensation, it is important to understand all of your options. In Georgia, injured workers may receive weekly payments for lost wages and reimbursement for medical expenses, or you may wish to negotiate for a lump sum settlement to resolve the process in a more efficient, straightforward way. At Julie A. Rice, Attorney at Law, & Affiliates, our work injury lawyers have helped many individuals from the Atlanta area evaluate their situation and determine which approach suits their immediate and long-term needs. Let us put our legal knowledge to work for you.
Understanding Lump Sum Settlements
In Georgia, injured workers who have highly contested claims for compensation may sometimes opt to settle with their employer’s insurance company. This may avoid prolonged litigation and the time and expense that a courtroom dispute can entail. Lump sum settlements involve an agreement between the employee and the insurance company that sets an overall amount for the individual to receive as compensation. In exchange for these benefits, the worker waives the right to future claims for medical expenses or any other costs that may result from the injury. These agreements, although often beneficial, can be risky as well, and they must be approved by the Georgia Board of Workers’ Compensation.
Lump sum settlements can take two forms: bona fide dispute settlements and no-liability settlements. In a bona fide dispute settlement, the employer typically admits liability, and both parties agree to a set amount to compensate the worker for the entity’s fault. By contrast, in a no-liability settlement, the employer does not admit liability but agrees to a settlement in order to end the dispute. In exchange, the employee must agree to dismiss his or her claims against the company. Both types of settlements are binding on both sides and cannot usually be revoked or altered if additional medical complications arise.
Lump sum settlements can be appealing to workers who are involved in lengthy and emotional disputes over their job-related injuries. Settlements help parties avoid the mental and emotional toll that comes from ongoing litigation and give employees access to more immediate compensation for their harm. They also avoid the risk of going to trial, where the ultimate outcome or the amount of benefits may be uncertain.
However, lump sum settlements also require a worker to take a risk that his or her injury will not become worse or require future unanticipated medical treatment. Many job-related accidents may have lasting consequences for your health, or they may give rise to other symptoms or additional injuries down the road. If you are unable to foresee these effects before entering into a settlement, you may face extensive medical bills in the future that your employer will no longer be obligated to assist you with.
Discuss Your Workers’ Compensation Case with an Atlanta Lawyer
Being unable to work due to a job-related injury can be an overwhelming experience. You may be stressed about the impact this will have on your family members or concerned about how you will pay your mortgage or rent. The skilled workers’ compensation attorneys at Julie A. Rice, Attorney at Law, & Affiliates have worked with numerous employees near Atlanta. We understand the challenges you are facing and can help take the burden of your benefits claim off your shoulders. Our firm has assisted injured workers from Marietta, Lawrenceville, Decatur and other communities throughout Fulton, DeKalb, Gwinnett, Cobb, and Clayton Counties. You can contact us to arrange a free consultation at (770) 865-8654 or online.