Negotiating Lump Sum Settlements in the Auto Industry
Chicago workers harmed in employment-related accidents may be able to negotiate lump sum settlements in the auto industry. The lump sum settlement should take into consideration what’s needed to replace wages and provide adequate medical care, with an awareness that sometimes injuries are worse than they first appear to be. There are situations in which taking a lump sum settlement is not a wise decision and you should consult a Chicago workers’ compensation attorney about your range of options and whether another path or a different lump sum settlement makes more sense. It is advisable to work with experienced legal counsel in order to be able to accurately assess the scope of your legal options and take appropriate next steps.Negotiating Lump Sum Settlements in the Auto Industry in Chicago
Injured auto workers in Chicago may be able to obtain crucial workers’ compensation benefits for on-the-job injuries. These benefits may simply be paid, but sometimes there is a dispute and it’s possible to compromise with an insurer to settle. Sometimes settlement money can be paid in a lump sum, where, without a settlement, it would ordinarily be paid on a monthly basis. Benefits you may be eligible for can include medical benefits, disability benefits, and vocational rehabilitation.
The Illinois Workers’ Compensation Act entitles you to accept a lump sum settlement for injuries, rather than accept monthly benefits payments. Sometimes insurers and employers offer a lump sum settlement because it ends any further payments and this can work out to cost the insurance company less money over the years. Something to be aware of is that the lump sum settlement may be in the insurer’s best interest and not yours. The amount offered may not be sufficient to cover your current and future financial costs for an injury.
If you’re offered a lump sum benefit or settlement for your work-related injury, you should examine the advantages and disadvantages of accepting the lump sum. Usually this analysis is best done with the help of an experienced workers’ compensation attorney. If we represent you, we’ll look at how the settlement would affect your right to benefits down the road, whether what’s being offered is sufficient to cover medical care and time loss costs for injuries, how long you’re going to be unable to work, the possibility your condition will worsen, and whether you’ll ever work again.Settlement Contract Terms
If you choose to negotiate a lump sum settlement in the auto industry, the Illinois Workers’ Compensation Commission will need to accept the finalized settlement. If it does accept it, you most likely won’t be eligible for added workers’ compensation benefits for the same injury. Settlements are made concrete through written contracts or agreements to release some or all of an insurer’s duties towards you in exchange for a specific amount of money. This means you should only accept a lump sum settlement after your doctor has determined you are at maximum medical improvement. This is the state at which your doctor decides you’re fully better or you’ve gotten better to the extent you’re able to with proper medical care.
The settlement contract you sign for a lump sum settlement is vital. The terms can restrict you from ever receiving any medical benefits in the future, even if you worsen considerably and desperately need more money. However, there are situations, too, in which you do get better and don’t need some of the benefits provided to you in the lump sum settlement, and in that case the lump sum settlement may have provided added benefits you wouldn’t otherwise have received.Consult a Chicago Attorney Regarding Your Workers’ Compensation Claim
There are advantages and disadvantages to lump sum settlements. At Katz, Friedman, Eisenstein, Eagle, Johnson & Bareck, our Chicago lawyers represent injured workers in areas including Quincy, Rockford, Springfield, Aurora, and Champaign, as well as Kane County, Cook County, Winnebago County, Sangamon County, and Adams County. We can also evaluate whether it’s appropriate to pursue damages in a lawsuit or some other form of relief. Contact us toll-free at 800-444-1525 or at 312-263-6330 or via our online form.