Curious about Whether a Lump-Sum Settlement Makes Sense in Your Louisiana Workers’ Compensation Case? We Get to the Bottom of Lump-Sum Settlements Under Louisiana Workers’ Compensation Laws

Many, if not most, Louisiana workers are aware that if they are injured on the job and are unable to work, they may be entitled to money compensation, as well as other benefits, under Louisiana workers’ compensation laws to help them financially while they heal from their injury. However, some Louisiana workers may not know that they may be able to negotiate a lump-sum settlement, in favor of multiple, periodic payments, in their workers’ compensation case. Indeed, Louisiana workers’ compensation laws set forth the following: “It is stated policy for the administration of the workers’ compensation system of this state that it is in the best interest of the injured worker to receive benefit payments on a periodic basis.  A lump sum payment or compromise settlement in exchange for full and final discharge and release of the employer, his insurer, or both from liability under this Chapter shall be allowed only: (1) Upon agreement between the parties, including the insurer’s duty to obtain the employer’s consent; (2) When it can be demonstrated that a lump sum payment is clearly in the best interests of the parties; and

(3)  Upon the expiration of six months after termination of temporary total disability.  However, such expiration may be waived by consent of the parties.” But does a lump-sum settlement make sense in your Louisiana workers’ compensation case, and where can you go to get legal help negotiating a lump-sum workers’ compensation settlement? We answer those questions here.

Lump-Sum Settlements in Workers’ Compensation Cases: Pros and Cons

There are a number of pros and cons when it comes to workers’ compensation lump sum settlements in Louisiana. On the “pro” side, a workers’ compensation settlement may be favorable to some Louisiana workers because it can provide immediate access to compensation, rather than waiting for periodic payments. In addition, it may provide a worker “closure” as their claim will be wrapped-up, and they will no longer have to deal with their employer or their employer’s insurance company. On the flip-side, workers who accept lump-sum settlements must be careful when managing their workers’ compensation settlement, or they may run out of this important financial help before they can return to work. In addition, negotiating a lump-sum settlement may be complex, and workers may not know exactly what they are entitled to under Louisiana workers’ compensation laws. Accordingly, it is best to work with an experienced Louisiana workers’ compensation lawyer on your case, and whether a workers’ compensation lump-sum settlement makes sense for you will depend on your unique case.

If you were injured at work in Louisiana and you need legal help, contact the experienced Louisiana workers’ compensation lawyers at the law firm Lunsford Baskin & Priebe, PLLC. The experienced Louisiana workers’ compensation lawyers at Lunsford Baskin & Priebe, PLLC are here to help Louisiana workers after they have been seriously injured on the job. Contact Lunsford Baskin & Priebe, PLLC today and speak to a lawyer about your case now.