Filing a workers ' compensation claim can be confusing when you've been injured on the job. You may wonder if you can receive your benefits in a lump sum settlement rather than ongoing payments.
At Rechtman & Spevak, our experienced Atlanta workers' compensation lawyer understands the challenges you face after a workplace injury. We're here to help you explore all options and determine if a lump sum settlement is right for your Georgia workers’ compensation claim. Here are some key factors to consider. 
What Defines a Lump Sum Settlement in a Workers’ Comp Claim?
This is a one-time payment that closes your claim. It means that, depending on the nature of your injury or illness, you'll receive a single check from the insurance company rather than ongoing weekly compensation benefits.
Lump sum settlements can be attractive because they provide immediate funds to cover medical expenses, lost wages, and other costs related to your injury. However, it's crucial to consider the long-term implications before accepting a settlement offer.
How to Determine if a Lump Sum Settlement Is Right for You
Deciding whether to accept a settlement is a vital consideration in your case. Once you settle your claim, it’s unlikely that you’ll be able to reopen it if you discover your injuries are more severe than previously thought or you need additional treatments not covered by the settlement.
At Rechtman & Spevak, we take the time to explain all possible aspects of your claim and help you evaluate each one. Remember, all parties have to agree to a lump sum settlement, so here’s what we’ll need to review.
Future Medical Needs
This final financial offer should account for any ongoing or future medical treatment you may require due to your work-related injury. These might include:
- Follow-up doctor visits
- Physical therapy or rehabilitation
- Medications or medical devices
- Potential surgical procedures
It's essential to clearly understand your prognosis and anticipated medical needs before settling your claim, but you won’t know until you reach maximum medical improvement. This is the stage in your medical treatment where you’ve recovered as much as possible, and your doctor will usually provide a final prognosis on your ongoing medical needs. Our Atlanta workers' compensation attorney helps you gather the necessary documentation and consult with medical experts to ensure your settlement adequately covers future care.
Permanent Disability
An injury of this nature should also be factored into your settlement amount. Permanent partial disability (PPD) benefits are calculated based on a rating that can be issued by your doctor based on guidelines set out by the American Medical Association after you reach maximum medical improvement. Attorney Jaret Spevak will help you understand how your disability rating affects your claim value. He’ll also fight hard to negotiate a settlement that fairly compensates you for your permanent impairment.
Return to Work
Another critical settlement consideration is whether your injury prevents you from returning to your pre-injury position. If not, in some instances, you may be entitled to vocational rehabilitation or training for a new occupation.
Your settlement should reflect any income loss or diminished earning capacity resulting from your injury. Jaret and his team will help you assess future employment prospects and ensure your settlement accounts for any job-related limitations.
How the Settlement Process Works in a Georgia Workers’ Compensation Claim
Once you and the insurance company have agreed on a settlement amount, the Georgia State Board of Workers' Compensation must approve a written agreement signed by the parties called a Stipulation and Agreement. After the settlement is approved by the State Board, the insurance company is required to send the settlement checks to your attorney's office within 20 days. If the settlement funds are not paid within that time period, they are subject to paying a 20% late penalty.
We’ll guide you through this settlement process, ensuring that all necessary documentation is submitted so that the State Board is able to approve your settlement without unnecessary delay.
How Rechtman & Spevak Protects Your Rights
While a lump sum settlement can provide much-needed financial relief, it’s crucial to ensure you're not settling for less workers’ compensation benefits than you deserve. Insurance companies often seek to minimize payouts, and without legal guidance, you may be at risk of accepting an offer that doesn't fully account for your losses.
At Rechtman & Spevak, we’ll carefully outline what you’re eligible for and why—then fight for the maximum compensation you're entitled to under Georgia law. We’ll help you evaluate any settlement offers, negotiate with the insurance company, and advocate for your best interests throughout the claims process.
