A lump sum payment, or compromise and release, is a one time payment that can replace your weekly workers’ compensation checks, your medical expenses, or both. Under Pennsylvania law, you may be able to receive a lump sum payment if you have been off work for longer than four months, as the result of a work-related injury.
If you accept a lump sum settlement, it can either provide for a single lump sum final payment or for periodic guaranteed payments in an annuity-like structure. This will stop your weekly or bi-weekly workers’ compensation checks.
It is important to make sure that the lump sum settlement, which includes lost wages, is adequate for your injury and needs, as you will not receive any further wage loss benefits. Similarly, if you accept a lump sum payment for medical care, you will not receive more money after the lump sum funds are spent.
It is crucial that you hire an experienced Harrisburg workers’ compensation attorney, if you are considering a lump sum settlement, so that you receive the payment that matches what your injuries are worth.
Call Calhoon and Kaminsky P.C., at 877-291-9675 for more information.
Be sure to order a FREE copy of our book, 7 Deadly Sins That Can Destroy Your Pennsylvania Workers’ Comp Case.
