Louisiana Workers’ Compensation Claim Payouts – “Lump Sum” Versus Weekly Benefits
When a workplace injury prevents a worker from performing their job and earning a living, it can be an extremely stressful and difficult time. In addition to the pain of the injury and medical treatment to heal and repair it, the financial implications of a workplace injury are a cause of great concern for almost every injured worker. Accordingly, when a worker is injured in the workplace and is unable to return to work while they recover from the injury, the first thing they may wonder is, if and when they are granted workers compensation benefits, how will those benefits be paid out? Importantly, there are two manners in which benefits might be paid out to an injured worker in a Louisiana workers’ compensation case, “lump sum” payments and weekly payments.
“Lump Sum” Payments in Louisiana Workers’ Compensation Cases
Almost everyone has surely heard the term “lump sum” settlement at some point. Attorney advertisements, legal dramas, and reality court shows all tout the phrase in connection with a payout for a legal claim. Simply put, a lump sum settlement is a certain amount of money that is agreed upon by the parties to a dispute to resolve a legal claim. Importantly, the parties must voluntarily come to an agreement about the amount of the settlement, and any other non-monetary terms. In the context of a Louisiana workers’ compensation case, a lump sum settlement is a one-time payment made to the injured worker for their work-related injury in lieu of weekly payments. There are many factors that help determine whether a lump sum settlement is a good deal for an injured worker, or whether weekly payments might be more advantageous in each particular case.
Weekly Payments in Louisiana Workers’ Compensation Cases
Weekly payments can perhaps be referred to as the “default” route of payment in Louisiana workers’ compensation cases. If and when a worker is granted workers’ compensation benefits, payments are often made weekly to the worker over several years. Again, there are many factors to consider that may weigh in favor of going the weekly payment route rather than the “lump sum settlement route, all of which should be examined up front for the most favorable result for the worker in a workers’ compensation case.
What to do if You are Offered a Lump Sum Settlement
If you are offered a lump sum settlement in your Louisiana workers’ compensation case, the best thing that you can do is contact an experienced Louisiana workers’ compensation lawyer. An experienced Louisiana workers’ compensation lawyer can help appraise the value of your workers’ compensation claim and evaluate the unique factors in your case to determine what is a fair deal for you. The experienced Louisiana workers’ compensation lawyers at Lunsford Baskin & Priebe, PLLC, offer a confidential consultation to learn about your workers’ compensation case and to see if they can help you. Contact the law office of Lunsford Baskin & Priebe, PLLC, today to get started with your confidential consultation.