If you have an injury from work that causes lingering pain and difficulty for years, your workers' compensation case can also drag on for years. As a result, you may find that accepting a buyout is more beneficial to you than the other options available. However, if you are offered a workers' comp buyout, you will want to speak with a lawyer about whether this is the best option.
Accepting a Buyout
Once you have accepted a buyout, the case is settled and you will not be allowed to seek further compensation for your injuries. With the extra finances, you will be able to pay off your bills much more easily. However, if you have additional expenses in the future, you may not be able to pay for them. You will only want to consider a buyout if you know exactly how injured you are and whether there will be complications in the future.
Buyouts are very common and a workers' compensation insurance provider will likely offer a buyout as soon as you begin to negotiate. The initial buyout might be much less than what your claim is worth. However, you will always want to speak with a workers' compensation lawyer before you do this.
You are never required to accept a buyout. Also, the insurance provider is never required to offer a buyout. However, a workers' compensation lawyer may assist you in negotiating a buyout. If you do receive a buyout and then have a miraculous recovery, you do not have to pay the money back.
What to Expect from a Buyout
The most common approach for a buyout is to pay a single lump sum. However, you may be paid a lump sum and several other payments throughout your lifetime. Regardless of how the buyout is offered, what matters is whether you will be able to pay your medical bills through the buyout. If you do not accept a buyout, the insurance provider will need to continue to payout as you need the payments.
Being tied to the workers' compensation insurance system can be a hassle because of the required medical checkups that you must receive. If you instead receive a buyout, you will no longer be tied to the system because the amount that you are paid will no longer be based on how much you have recovered. However, if you're still not sure, it's important to speak with a lawyer.