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Covington Workers Comp Lump Sum Settlement

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Lump Sum Payments & Settlement Options

When it comes to accepting a worker's comp lump-sum settlement, it’s important to understand you are never the insurance company’s priority – an offer is being made to limit the expense and liability of your claim by locking in a lower cost for the insurance company through a settlement payout.

At Wanko Law, we believe anyone dealing with a work injury deserves immediate access to an experienced Louisiana workers’s compensation law firm. We focus exclusively on fighting for the rights of injured workers and their families and offer free and confidential consultations to discuss your case.

As discussed elsewhere on this site, the best time to consult with an experienced work injury lawyer in New Orleans, Covington or Raceland, is as soon as possible after an injury occurs. You have the right to choose your own physician, which will have a major impact on the treatments and benefits to which you are entitled. Choosing a doctor and making other major decisions about your care are always best done with the help and guidance of an experienced workers’ compensation law firm.

Workers’ Compensation Settlements

Workers’ compensation insurers often use impairment ratings, Functional Capacity Evaluations and determinations of Maximum Medical Improvement to determine settlement offers, despite the fact that a disability or impairment ratings is typically not required by Louisiana workers’ compensation law. Each of these exams and determinations can have a significant impact on your rights to continue receiving benefits, as well as what benefits you may be entitled to for years to come. Unfortunately, by the time an injured worker becomes unsatisfied with the results, significant damage to his or her case may have already been done by proceeding without qualified legal help throughout this complex process.

Impairment ratings are usually determined during a Functional Capacity Evaluation (FCE). This rating is often used by the insurance company to determine monetary awards (i.e. settlement offers). However, under Louisiana law, an impairment rating is not used to determine Supplemental Earnings Benefits, Temporary Total Disability benefits or Permanent Total Disability benefits. Rather, this impairment rating percentage is used to determine a monetary award under LA R.S. 23:1221 for Permanent Partial Disability (PPD) benefits, which concerns cases of amputation or loss of use of parts of an injured employee’s body.

For these reasons, it is somewhat rare that an impairment rating will be required for a Louisiana workers’ compensation claim. However, the fact that workers’ compensation insurance companies frequently insist injured workers undergo examinations to determine such ratings, and then use these ratings in settlement negotiations, leaves injured workers exposed and confused. This is another example of why consulting with an experienced Louisiana workers’ compensation law firm at the outset of your case is often vital to protecting your rights and the financial well-being of you and your family.

At Wanko Law, our offices believe injured workers and their families are too often operating at a significant disadvantage throughout this process. In fact, we will review any potential settlement offer you receive and if we cannot get you more, we will not take any fees or expenses.

There are good reasons why an employee may choose to settle a claim, including the fact that a claim generally reaches maximum value between the time an employee completes major treatment and the time he or she can return to work. The passage of time, vocational rehabilitation, and an increasing ability to return to work in some capacity may all erode the value of a claim.

However, many challenges remain:

  • It may be difficult to estimate the cost of current rehabilitation and medical care needs.
  • It may be difficult to estimate the time required to reach full recovery, as well as additional home-care and rehabilitative needs.
  • It may be difficult to determine the likelihood of unseen developments or future medical complications.
  • Disability ratings, though often not required, used by insurance companies may be unfairly and incompletely determined.
  • An overestimation of functional capacity and/or employability may negatively impact the value of your claim.

Work Injury Settlement Options

Under Louisiana workers’ compensation law, there are generally two types of work-injury settlement:

  • Compromise settlement: Resolves a dispute between the employee and the insurance company regarding how much an employee is owed. This is a common type of settlement due to the fact that workers’ compensation insurers often contest claims at virtually every stage of the process.
  • Lump-sum settlements: Parties agree to a generally discounted value of future benefits in exchange for a lump-sum settlement and a full release of future liability of the insurance company.

Lump sums must be very carefully negotiated by an experienced work injury attorney in New Orleans, Covington, or Raceland. Naturally, the workers’ compensation insurer will push for steep discounts in exchange for a fast settlement. However, it’s important to note that without any present-value discount, the insurer benefits in a number of important ways:

  • They pay future costs today, saving them unknown future liability.
  • They avoid potential future complications for which they could be financially responsible.
  • They eliminate ongoing administrative expenses related to your claim.
  • They lock in known costs associated with your claim and eliminate future costs.

At Wanko Law, we focus exclusively on fighting for the rights of injured workers and their families. We don’t believe in negotiating away the full value of your claim for a quick payout. While we are here to serve our clients and their families, and their desires are critical to every decision we make, we know it is always a good deal for the insurance company to settle your claim for its full and fair value today.

If you have been injured, call day or night for a free and confidential consultation to discuss your rights. Call 985-202-9907.

Frequently Asked Questions

A workers' compensation lump sum settlement in Louisiana is calculated based on factors such as impairment ratings, functional capacity evaluations, and determinations of maximum medical improvement. While impairment ratings are used to determine monetary awards for Permanent Partial Disability (PPD) benefits, they are not used to determine other benefits like Temporary Total Disability or Permanent Total Disability. The settlement negotiation process involves careful consideration of the injured worker's treatment progress, vocational rehabilitation, and future employment capacity. Insurance companies may push for lower settlements, so it's crucial to have experienced legal representation to ensure fair compensation.
Accepting a lump sum settlement for workers' compensation in Louisiana offers several advantages: it provides immediate financial relief and certainty, allowing injured workers to manage large expenses and plan their future financially. It eliminates ongoing disputes and delays with insurance claims, reducing stress and legal costs. Additionally, a lump sum can be invested or managed according to personal financial goals, potentially offering a better long-term financial outcome.
Yes, you can negotiate the amount of your workers' comp lump sum payment in Louisiana. The negotiation process allows you to discuss the settlement terms with the insurance company to potentially increase the settlement amount. It's important to have accurate assessments of your injuries and future needs, as these will form the basis of your negotiation. Consulting with an experienced workers' compensation attorney can be beneficial to ensure that you receive a fair settlement. An attorney can provide valuable guidance and representation throughout the negotiation process.
To get legal assistance for a workers' compensation lump sum settlement in Louisiana, consider hiring a workers' compensation attorney who specializes in this area. An attorney can help negotiate the settlement, ensure your rights are protected, and advise you on the best course of action based on your specific situation. You can start by consulting a firm experienced in workers' compensation claims, such as the one provided at Workers' Comp Lump Sum Payments, which offers detailed insights and legal support for such cases.

Additional Information in Louisiana

Social Security Administration - Workers’ Compensation Lump-sum Settlements: Examines the Social Security Administration's (SSA) processing of these settlements to ensure they correctly offset Disability Insurance benefits. The report found widespread errors in processing, affecting thousands of cases and costing millions in improper payments. The review highlights the need for improved SSA staff training, better use of management information systems, and possibly establishing specialized workgroups to enhance accuracy. This document is useful for understanding potential errors and inefficiencies in lump sum settlement processing, which can help legal professionals and claimants anticipate and address similar issues in their cases.
Insurance Business America - Workers comp settlement chart: Everything you need to know: detailed guide on workers' compensation settlement charts, explaining their use in estimating compensation amounts for job-related injuries. It covers different states' approaches, showcasing how compensation is calculated based on factors like the severity of injuries and the affected body parts. This guide is beneficial for understanding potential compensation amounts and negotiating lump sum payments, offering a comparative tool for different jurisdictions.
Louisiana Workforce Commission - Injured Workers Disputed Claims FAQs: Provides guidance for injured workers, particularly those with disputed claims. It explains the benefits entitled to injured workers, the process for handling denied claims, and the specifics of lump sum settlements. Additionally, it outlines steps to take if you're not receiving compensation checks and addresses concerns about employer retaliation. This resource can aid in understanding the process and options available when negotiating a lump sum payment claim, ensuring that claimants are well-informed and prepared to engage in discussions or disputes related to their workers' compensation claims.

Contact Louisiana Workers' Comp

Whether you have suffered an immediate injury or have endured a long-term disability or chronic illness, you deserve to have the support you need to recover. Our work injury attorneys will provide you with nothing less than compassionate understanding and exceptional legal counsel.
We’re eager to start advocating on your behalf.
CALL US (985) 893-6530
Wanko Workers' Comp Lawyers provides its service in New Orleans, Covington, Houma, Thibodaux, Mandeville and all across Louisiana
Covington Location
19295 N 3rd St #1 
Covington, Louisiana 70433
New Orleans Location
1140 St. Charles Street
New Orleans, Louisiana 70130
Thibodaux Location
406 West 3rd Street #105
Thibodaux, Louisiana 70301

Disclaimer: The hiring of an attorney is an important decision that should not be based solely on advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. The information on this website is for general information purposes only. This information on this website is not intended to create, and receipt or viewing of this information does not constitute an attorney client relationship. We are workers compensation attorneys serving the entire New Orleans area including Larose, Golden, Meadow, Thibodaux, Houma, Covington, Mandeville, Abita Springs, Metairie, Belle Chasse, Elmwood, Boutte, Harahan, Destrehan, River Ridge, Raceland, Slidell, Kenner and all of Louisiana. We serve St. Tammany Parish, Livingston Parish, Orleans Parish, and Jefferson Parish.
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