A work-related injury can lead to long-term medical expenses. While not all injuries are serious, some may linger, causing chronic pain and discomfort for many years. Workers' Compensation is a benefit designed to pay for your medical expenses and lost wages after an injury occurs in the workplace. For many people with certain types of injuries, taking a Workers' Compensation buyout may be more beneficial than letting their case drag on for years.
Workers' Compensation Buyouts
Workers' Compensation insurance providers will sometimes offer a "buyout" or settlement option to clients whose injuries are not severe but may require ongoing medical attention. A buyout provides them with a lump sum of cash that can be used for all of their future medical needs related to the injury. Once a buyout is accepted, the case is closed, and the client can no longer claim any more benefits for that particular injury.
Is It Worth It?
In many cases, a buyout is worth the cost simply because it closes the case and puts the client back in charge of the medical treatment they receive. However, accepting a buyout may be too costly for others, especially if other injuries present themselves in the future. A buyout should only be considered if you know the true extent of your injuries and do not expect to have any further complications over and above minor issues that can be taken care of on your own. Remember, just because you are offered a buyout does not mean you have to take it.
When Should I Avoid a Buyout?
Workers' Compensation insurance agencies will start to offer buyouts or settlements as soon as you begin to receive medical treatment. Before you consider any offer, you must look at the future. How long will you need medical care? Are complications possible? Resolve your questions and concerns with your doctor before considering any settlement. Make sure you have as much information as possible. If you feel unsure and are worried about medical issues in the future, avoid the buyout, and continue working with your doctor.
The attorneys of Gaylord & Nantais are well-versed in Workers' Compensation insurance and buyout procedures. They will help you determine what type of buyout is appropriate if any, and provide you with the legal representation you deserve. When you need advice concerning buyouts and other Workers' Compensation settlements, call Gaylord & Nantais and get the answers you need.
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