Should You Accept a Florida Workers’ Compensation Settlement? Understanding Lump-Sum Payouts in Fort Lauderdale
If you suffer on-the-job injuries in Fort Lauderdale and get approved for workers’ compensation, you may be entitled to a lump-sum settlement. This one-time payout closes your case and can help you catch up on bills, pay off debt, and protect your peace of mind.
Before agreeing to it, though, you need to understand what you’re giving up. Our Fort Lauderdale workers’ compensation lawyer explains what a settlement covers and how to protect your rights before signing.
What Is a Lump-Sum Florida Workers’ Compensation Settlement?
On-the-job injuries in Fort Lauderdale can prevent you from working and often require ongoing medical attention. Benefits available through the Florida Division of Workers’ Compensation act as a safety net. They cover all medical costs and up to two-thirds of your lost income.
Checks typically come every two weeks, while medical bills are paid directly by the insurer. However, they may offer a lump sum settlement. This is a voluntary agreement between you and the insurance company in which you accept a single payment in exchange for permanently closing your claim.
Under the Florida Statutes, here’s what a Fort Lauderdale workers’ compensation settlement may cover:
- Current and future lost income due to your injuries.
- Current and future medical care.
- Permanent impairments that prevent you from working.
- Payment of any legal fees.
In some cases, a settlement may include lost income while keeping your medical claim open. The total value depends on your injury, your recovery status, and whether the insurance company thinks it’s cheaper to provide a lump sum payout than to keep paying benefits.
Before You Settle: How To Protect Your Rights To Workers’ Compensation Benefits In Fort Lauderdale
For injured workers in South Florida, a workers’ compensation settlement offer may be appealing, but keep in mind that insurers don’t offer settlements out of kindness. They do it to save money. Before accepting, take these steps to protect your rights:
- Find out whether your settlement offer includes medical care.
- Understand your permanent impairment rating and how it affects payout.
- Ask how the settlement will affect your Social Security or Medicare benefits.
- Request all offers in writing and take time to review them.
Speak with our experienced Fort Lauderdale workers’ compensation lawyer before agreeing to any terms or accepting any settlement offers. Once you sign, you waive your rights in any additional claims.
To Protect Your Rights in a Lump Sum Settlement, Contact Our Experienced Fort Lauderdale Workers’ Compensation Lawyer
When it comes to lump sum workers’ compensation settlements in Fort Lauderdale, what appears to be a windfall at first could end up costing you in the long run. At The Law Offices of David M. Benenfeld, P.A., our Fort Lauderdale workers’ compensation lawyer has over 30 years of experience helping injured workers across South Florida make informed decisions about their benefits.
To protect your rights and get the maximum amount you need to recover, call or contact us online today. Serving clients in our Fort Lauderdale, Sunrise, and West Palm Beach offices, request a consultation today.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0400-0499/0440/Sections/0440.20.html
myfloridacfo.com/division/wc
ssa.gov/pubs/EN-05-10018.pdf