Is It a Good Idea to Accept a Workers’ Compensation Settlement in Florida?

During your workers’ compensation claim, you may decide to request a lump sum settlement rather than receiving medical benefits and weekly pay. Usually, this is something that is done when you have reached “Maximum Medical Improvement” or MMI. This means further recovery is not likely. 

However, before accepting a settlement, it’s a good idea to speak to a Florida workers’ compensation attorney. You can also learn more about the pros and cons of taking this settlement here. 

The Settlement Offer Explained 

If you accept a workers’ compensation settlement, it means you get a one-time payment that is provided in a single lump sum. You get one large check rather than receiving checks weekly and getting your medical costs paid for. Once you have accepted the check, your workers’ compensation case is considered closed. 

Keep in mind that this means you cannot come back later and ask for additional funds even if your condition or injury gets worse. The settlement acceptance is the end of your case. 

Pros and Cons of Taking a Workers’ Compensation Settlement in Florida

There are several advantages and disadvantages of accepting a settlement payment for your workers’ compensation case. It’s worth noting that you have the right to decline a settlement at any time. You can also pursue it later. However, you can’t do the opposite. After you accept a settlement, no additional action can be taken on your case or claim.  

Advantages of Accepting a Settlement Offer for Your Workers’ Compensation Case

Some of the advantages offered when you take a settlement offer include:

You get your money faster. If you are out of work and having a hard time making ends meet, this is beneficial. The settlement you receive is completely tax-free. You can take a new job or job offer with a settlement without risking your benefits. 

Disadvantages of Accepting a Settlement Offer for Your Workers’ Compensation Case

While the advantages are appealing, there are a few disadvantages of taking a settlement offer, too. These include:

If you are still dealing with medical problems after receiving the lump sum payment, you have to cover the treatment out of your own pocket. You may be offered a too low settlement for the damages you incurred, especially if you did not finish the treatment before the offer was given. You don’t receive any compensation for the pain and suffering caused by the work accident. 

Speak to a Florida Workers’ Compensation Attorney before Accepting a Settlement Offer 

After being injured at work and struggling to pay your bills and make ends meet at home, receiving a single lump-sum payment can be appealing. However, you should not accept the settlement offer until you have spoken to an attorney. 

The attorney you hire can review your case and situation to ensure that the settlement offer meets your current and future needs. Remember, once you have accepted a settlement offer, you can’t go back and change your mind. Your case will be closed, and your ability to recover additional compensation will be eliminated. 

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