In many workers’ comp cases, injured workers receive regular payments, especially if they’re temporarily or permanently disabled. If you’re receiving benefits due to temporary total or partial disability, payments will typically continue until you reach what’s called “maximum medical improvement” (MMI). However, if you’re receiving permanent total disability benefits, payments may continue for life. In some cases, the insurance company may offer to settle the case in exchange for a lump sum payment.

A settlement may sound appealing, especially if you’re eager to move forward, but it’s important to weigh your options carefully. Once you accept a settlement, you generally waive your right to any additional workers' comp benefits, even if your condition changes or worsens.

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Whether to accept a settlement depends on several factors, including the nature of your injury, your financial needs, and the specifics of the offer. Remember that insurance companies are looking to protect their bottom line, so their initial settlement offer may not fully cover your medical costs or lost wages. Before accepting any settlement, consider consulting an experienced attorney who can evaluate the offer and represent your interests.

Our team at Bradford Pelton P.C. can help you determine:

• The Fairness of the Offer: We’ll review your settlement offer to ensure it covers your current and future needs.
• Best Payment Type for Your Needs: You may have the option of a lump sum or ongoing payments, and we’ll help you decide which is better for you.
• Future Medical Expenses: Accepting a settlement often means forfeiting the right to claim further benefits if your condition worsens. We’ll work with you to ensure this risk is factored into any settlement decision.

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Each payment option has its own benefits and drawbacks:

• Lump Sum Settlement: A lump sum offers a single payment, which can be helpful if you want to avoid a lengthy legal process. However, it may limit your ability to seek additional compensation if you need more medical care in the future. By accepting a lump sum, you also generally waive the right to convert benefits from permanent partial disability to permanent total disability, even if your condition changes.
• Periodic Payments: With periodic payments, you continue to receive regular benefits. This can provide stability and ensures that benefits are available over time, though it may mean continued contact with the insurance company.

Our attorneys will guide you through the decision-making process, helping you choose the option that best supports your financial security and long-term health.

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At Bradford Pelton P.C., our primary goal is to secure the best possible outcome for our clients. We understand the complexities of workers' compensation cases and are committed to providing clear, compassionate guidance every step of the way. Our team will work tirelessly to ensure any settlement reflects your needs and protects your future.

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If you’ve received a workers' comp settlement offer, let us help you understand your options. Bradford Pelton P.C. offers free consultations to injured workers in Colorado Springs, so you can make an informed decision without added stress. Contact us today to discuss your case and get the support you need to move forward confidently.

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