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  1. #1
    Join Date
    Feb 2012
    Posts
    3

    Default Settlement Offer-How to Get a Lump Sum

    Hello. Can anyone please share knowledge on obtaining a lump sum payout out rather than weekly benefits? I have been off work for almost 2 years, had back surgery, went thru the MMI at 24%, then was sent to an IME who I guess gave the 24 or better because WC has now offered the 425 week payout based on that 24%. I answered their offer with a request for a lump sum payout to which they responded "no - our offer still stands as it was. "
    After being out of work almost 2 years, I as so far behind in bills that I need a lump sum to catch up. I was just approved for SSA. I don't have an attorney because I thought they were being fair and I really need the $$ to pay bills so I thought an attorney wasn't necessary. Is there anything I can do to get a lump sum since they say no or can an attorney get me a lump sum? Weekly payments won't allow me to get caught up on bills. thank you.

  2. #2
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,017

    Default Re: Settlement Offer-How to Get a Lump Sum

    Lump sum cash buyouts are negotiated...you will not be paid the full value of your PD indemnity benefits.
    You may be able to negotiate a structured settlement agreement, an annuity would pay a lifetime tax free stream of income.
    As you have been awarded your SSDI (presumably, vs normal retirement) you will be Medicare eligible within 30 months of any settlement that affects your medical coverage in the claim... a MSA proposal would be necessary, submit to CMS/Medicare for approval...this would be done before any negotiations are done.

    Frankly... there is no such thing as 'fair' when it comes to an insurance company... obviously they don't think it's in their best interests to cash out your claim.
    A WC court judge cannot order a cash payment to buy out the claim... WC is all about paying benefits. The IC would rather take the bet you will die before you use up the PD indemnity weeks... or seek the amount of medical care a MSA proposal may demand.

    Your best interests would be much better served if you would consult with an attorney...you should never accept what the carrier offers ...nothing is fair or adequate in a cash payment.

  3. #3
    Join Date
    Mar 2007
    Location
    Georgia
    Posts
    1,928

    Default Re: Settlement Offer-How to Get a Lump Sum

    The SSA may back date your date of entitlement to your last day worked. You may see a lump sum back payment from your SSDI that might help you out of the pinch you are in. The rule is between your WC benefits and SSDI you can not exceed 80% of your AWW at the time of injury. Anything over 80% will be offset by The SSA.

    You can NOT force the IC to pay the benefits due in lump sum. Nor can they force you to take them in a lump sum.

    And yes IF at all possible try to find a reputable and competent WC attorney to help you with this. Otherwise the IC will low ball any offer they may decide to make you.

    Good Luck.
    "He who is his own lawyer has a fool for a client"
    Abraham Lincoln


    Take Care and Be Well.

  4. #4
    Join Date
    Feb 2012
    Posts
    3

    Default Re: Settlement Offer-How to Get a Lump Sum-another question

    Thanks for the replies - another question - the insurance company has made a very low offer and said that the offer was without medical. They would leave the medical open and continue for them to pay medical. We're ok with them paying medical but will that come back to "haunt" us with social security? We did get an attorney but he doesn't seem to have an opinion on that part. Another thing, they originally offered us a weekly amount and then 10k for future meds and voc retraining. Now, they've lowered the offer in the lump sum to almost 1/2 the amount of weekly and say they'll pay the meds. We don't know who to trust or what we're doing so another opinion or insight from experience sure would be appreciated. Thank you.

  5. #5
    Join Date
    Oct 2006
    Posts
    9,108

    Default Re: Settlement Offer-How to Get a Lump Sum-another question

    Quote Quoting confusedworker View Post
    Thanks for the replies - another question - the insurance company has made a very low offer and said that the offer was without medical. They would leave the medical open and continue for them to pay medical. We're ok with them paying medical but will that come back to "haunt" us with social security? We did get an attorney but he doesn't seem to have an opinion on that part. Another thing, they originally offered us a weekly amount and then 10k for future meds and voc retraining. Now, they've lowered the offer in the lump sum to almost 1/2 the amount of weekly and say they'll pay the meds. We don't know who to trust or what we're doing so another opinion or insight from experience sure would be appreciated. Thank you.
    I know of no reason why medical coverage would "haunt" your social security choice.
    your disability settlement will be used to offset your social security disability payments but medical coverage in not relevant to the disability payments.

    sounds like they think the medical will be more then $10K so they want to save on the disability.
    generally if you want a lump sum now rather then paid over time the amount is lowered because they lose interest. it's called a present value calculation.

    your atty knows the issues with your disability and whether the weekly amount is fair. if you don't trust the atty, check around for others.
    your weekly rate should be based on your avearge weekly earnings which was set at the time of the injury-it should not change if you do not accept the lumpsum amount.
    you shouldn't try to go around your atty and negotiate for yourself.
    Last edited by .SH; 05-30-2012 at 04:21 PM.

  6. #6
    Join Date
    Feb 2007
    Location
    Charlotte, NC
    Posts
    3,030

    Default Re: Settlement Offer-How to Get a Lump Sum-another question

    If a worker has chosen a competent and experienced workers' comp attorney, then the attorney is by far the best person to ask these questions. No one on a message board can begin to give you better advice than your competent lawyer, because there are so many facts and circumstances that come into play in your case. The lawyer is in the best position to know those things, assuming that the injured worker has informed the lawyer of all the pertinent facts and circumstances. Helping an injured worker make a rational, informed, intelligent decision on things like this is how a lawyer earns his fees.
    The North Carolina Court of Appeals has held that "In contested Workers' Compensation cases today, access to competent legal counsel is a virtual necessity." Church v. Baxter Travenol Labs, Inc., and American Motorists Insurance Company, 104 N.C. App. 411, 416 (1991).

    Bob Bollinger, Attorney at Law

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