Does North Carolina Work Comp Offer Lump Sum Settlements?
If you are currently collecting workers compensation benefits due to a work-related injury you’ve endured, the thought of collecting a lump sum payout on your claim may have crossed your mind. There are a number of reasons you might be interested in getting your benefits as one lump sum; however, settling your claim with the insurance company may not be in your best interests.
Below, we discuss common reasons injured workers might be looking into accepting a lump sum settlement, and why settling your claim may or may not be the right choice in your case.
Why You Might Need a Lump Sum Payout
Many individuals will look into lump sum settlements when their initial claim for benefits took so long to be approved that they wound up in significant debt. The thought is that by getting the lump sum, they’ll be able to get back on track financially while they are still in recovery.
Another common reason why claimants might settle is because the burden of a work comp hearing and dealing with the insurance company is simply too much to bear on top of their injuries.
Although North Carolina does allow injured workers to collect lump sum settlements, doing so is rarely in the best interest of the claimant.
Taking a Lump Sum May Not Be in Your Best Interests
When you accept a lump sum settlement, more frequently referred to as a “clincher,” your claim will be completely closed with the insurance company. This means that if you happen to require future medical care in the future, or if your condition worsens over time, the insurance company will no longer be obligated to provide you with disability benefits and pay for your medical expenses.
With this in mind, if you are looking into settling your injury claim in North Carolina, be sure to review the advantages and disadvantages with your workers comp lawyer before you make any decisions regarding your claim.
Speak with a North Carolina Work Comp Lawyer
Working with a regarded North Carolina work comp lawyer at Ricci Law Firm, P.A. can be the best way to ensure that you know what you’re getting into if you consider accepting a lump sum settlement. Call our office today at 252-752-7785 or fill out the brief contact form below to schedule your free claim evaluation.