Are You Wondering What a “Lump Sum” Settlement Means in Your Louisiana Workers’ Compensation Case? Here We Explain the Basics
If you were injured on the job in Louisiana, it is important for you to know that you may be entitled to workers’ compensation benefits, even if you do not know who was at fault for your injuries. Indeed, most injured workers in Louisiana are entitled to these important benefits, which, among other things, are designed to cover medical expenses and a portion of lost wages while injured workers recover. Something that Louisiana workers may not know is that in some cases, injured workers choose to settle their claims through what is known as a “lump sum settlement.” A lump sum settlement can be a way to bring closure to a workers’ compensation case and receive a single payment instead of ongoing weekly benefits. Here we explain the basics of lump sum settlements in Louisiana workers’ compensation cases, and where you can go for legal help with your workers’ compensation case.
What is a “Lump Sum Settlement” in a Louisiana Workers’ Compensation Case
So, then, what exactly is a lump sum settlement in a Louisiana workers’ compensation case? A lump sum settlement means that the worker and the employer’s insurance company agree to resolve the claim for one single “lump sum,” total payment, rather than continuing to receive weekly checks. According to the Louisiana Workforce Commission, “A lump sum settlement is an agreement where the insurer/employer agrees to pay the present value of the disputed claim at once, and his/her future obligations to the injured workers are fully and finally released. To determine the value, the sum of payments owed to the claimant may not be discounted at a rate greater than eight percent per annum.” Simply put, a lump sum settlement in a Louisiana workers’ compensation case means that the injured worker decided to work out an agreement with their employer or employer’s insurance company, to resolve their case with one single payment, ending the case.
How Much is a Lump Sum Settlement in a Louisiana Workers’ Compensation Case?
The amount that an injured worker in Louisiana can receive in a lump sum settlement depends on a number of factors. According to the Louisiana Workforce Commission, “There is no formula for establishing a settlement value of a workers’ compensation claim. It depends on your compensation at the time of your injury.” As such, if you are considering a lump sum settlement for your Louisiana workers’ compensation claim, it is important to speak with an experienced Louisiana workers’ compensation lawyer before making any decisions or saying “yes” to a lump sum settlement to resolve your case.
Getting Legal Help in Louisiana
If you are in the Louisiana area and you need legal help with your Louisiana workers’ compensation case, contact the experienced Louisiana workers’ compensation lawyers at the law firm Lunsford Baskin & Priebe, PLLC. Contact Lunsford Baskin & Priebe, PLLC today and speak with a lawyer about your rights and options under Louisiana workers’ compensation laws now.
