The Advantages of Lump Sum Settlements in Oregon
If you’ve been injured at work and you’re evaluating your workers’ compensation options, you may be considering a lump sum settlement. In Lake Oswego, OR, Mark Thesing Inc is here to answer your questions and assist you in making the best decision for your needs. Remember, lump sum settlements often come with several provisions. That means it’s important to understand what you’re agreeing to before you accept anything. Thankfully, with my help, it’s easy to glean insight into your prospects.
Advantages of Lump Sum Settlements
If you elect to receive a lump sum settlement, you will likely receive more money, receive it sooner, and know the exact amount you’re being awarded. With lump sums, there’s very little upkeep and guesswork involved, as you’re never looking ahead for the next payment as you might with traditional workers’ compensation wage benefits.
However, workers’ compensation settlements vary greatly. In the majority of settlements, the rights to future medical treatments are left open. Sometimes the right to future medical treatment is bought out. In other situations, the worker wants to leave the employer, or the employer wants the worker to leave the job as a part of the settlement. A workers’ compensation attorney can help you navigate these decisions confidently.
If Your Claim is Accepted
Once your claim has been accepted, you may settle via a Claim Disposition Agreement (CDA).
Should you a CDA, you give up your right to time-loss benefits, as well as permanent partial disability or vocational benefits. However, you will keep medical benefits on accepted conditions, along with eligibility for preferred worker programs if applicable. All CDAs are reviewed and approved through the State of Oregon Workers’ Compensation Board.
If Your Claim is denied
If you disagree with the insurer about whether you have a valid workers’ compensation claim, or new condition claim, you and the insurer may agree to a cash settlement where the claim state is denied this is called a DCS.
Here’s what will happen if you decide to accept a cash workers’ comp settlement through via DCS. Your claim or new condition claim will stay denied, and you give up all your rights to future benefits, including medical benefits. You may also be asked to leave your job as part of the settlement.
Contact my office today to find out whether a lump sum settlement is the best option for your situation. Legal services are available for residents of Oregon.