If you are injured in a work accident or develop a work-related medical condition, then you may have the right to obtain compensation through the Ohio workers’ compensation insurance system. If you suffered an injury or diagnosable condition and it occurred in the course of or arose out of your employment, you may receive benefits through ongoing payments or in a lump sum settlement.
Settlements are optional and entirely voluntary. It may be the right choice for you, or you may wish to receive your benefits spread out over weeks or months. Our certified Ohio workers’ compensation lawyers at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA can help you decide. We have worked with injured workers like you for decades and are skilled in navigating the workers’ compensation system, including negotiating lump sum settlements.
Types of Workers’ Compensation Benefits
When the injury or condition is work-related and your workers’ compensation claim is approved, you may receive:
- Medical benefits for all appropriate and reasonable medical services
- Wage loss benefits
- Rehabilitation benefits
- Temporary or permanent partial or full disability benefits
In most situations, workers’ compensation benefits are paid on a routine basis, such as monthly or bi-monthly. The benefits may last for the rest of your life if you are permanently and totally disabled. However, temporary or partial disability benefits and wage loss benefits will last for either a specified number of weeks or until you are fit to return to work. Yet there are instances in which you may receive a lump-sum settlement instead of multiple payments.
The Basics of Lump Sum Settlements
A lump settlement occurs when you and your employer agree to a single large payment for the work-related injury or condition. A lump settlement can fully or partially resolve your workers’ comp claim. If the settlement is a full resolution of your claim, then you end your right to workers’ compensation benefits related to this issue forever. While you can seek workers’ comp for a future work-related injury or condition, you will no longer have the right to ask for additional benefits for your current injury or disease. However, if the lump sum settlement only resolves certain issues within your workers’ comp claim, then you may have the right to continue receiving other benefits.
In Ohio, you, your representative, your employer, employer’s representative, or the BWC can initiate the process for negotiating a lump sum settlement. The managed care organization (MCO) is not part of the settlement discussions or process. It cannot initiate or advise you on whether to agree to a lump sum or not.
You are always eligible for a lump sum workers’ comp settlement and agreeing to one is entirely voluntary. Whether it is the right decision for you and your family depends on the circumstances. Additionally, both you and your employer have the right to turn down a settlement offer.
Whether you or your employer begin a settlement discussion, you have the right to have an attorney represent you during settlement negotiations. You need to understand the likely cost of your injuries, your potential restrictions, and your ability – or inability – to return to work in the future.
Our certified workers’ compensation specialists Adrienne Hines and Victor Kademenos can help you understand your rights and the value of your injuries and situation to ensure you do not agree to too low of an amount. Your lawyer can also ensure you use the proper Ohio workers’ compensation forms. Call us today at (419) 625-7770.
Potential Benefits and Disadvantages of a Lump Sum Workers’ Comp Settlement
A lump sum settlement can carry with it a number of benefits. When you receive a large amount upfront, it gives you more power to determine your own medical care. Instead of having your treatments approved by your employer or its insurance carrier, you can make these decisions with your family and physicians. This can give you the opportunity to try riskier approaches to your care if traditional methods have fallen short. Obtaining a lump sum instead of ongoing benefits also gives you the freedom to make your own schedule and return back to work when you feel truly ready, instead of once the physician deems you fit for work.
There are also serious potential disadvantages to accepting a settlement offer. When you are severely or catastrophically hurt, it can be difficult to put a value on your claim. It can be hard to determine your future medical costs or how much your overall income will be affected. An experienced attorney and medical and financial experts can help you calculate these amounts. However, you may be in a situation where there is too much guesswork to be comfortable with agreeing to a final amount.
Contact Our Ohio Workers’ Compensation Settlement Lawyers for Help
If you have been injured in a work-related accident or recently diagnosed with a work-related medical condition, contact certified workers’ compensation lawyers Adrienne Hines and Victor Kademenos at Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA right away. We can help you navigate Ohio’s workman’s compensation system, ensuring you obtain the benefits you are entitled to either through ongoing payments or a beneficial lump sum settlement.
We have decades of collective experience and many of our attorneys are board certified workers’ compensation specialists. If you are interested in a lump sum settlement, we can help you value your claim and begin this discussion. If your employer appears eager for a settlement, we can represent you in these negotiations.