Pros and Cons of a Future Medical Buyout in Your Virginia Workers’ Comp Case

If you suffer an injury or illness related to your work, you may receive workers’ compensation benefits. Eventually, however, the insurance company may offer to “buy you out.” There are benefits and drawbacks to a buyout offer from an insurance company, and you should be aware of these risks and rewards before deciding whether to accept or decline the offer.

Benefits of a Medical Buyout: You Get Money Now

When an insurance company offers a medical buyout, they are offering to cover the remainder of medical expenses for a work-related injury or illness. Whether your work-related ailment is projected to last for the remainder of your life or not, the insurance company’s offer should cover all of your projected medical care.

The potential benefits of a medical buyout include the following:

• That you may get a substantial sum of money now rather than having to wait for incremental payments over time
• You will end your dealings with the insurance company that issued your workers’ compensation benefits
• You will have full say over the money covering your medical care

It is often tempting to take the immediate payout, but you must consider the potential drawbacks of a medical buyout before you accept one.

Drawbacks of a Medical Buyout

When an insurance company offers a lump sum, you must ask yourself what the catch is. The risks of accepting a single medical buyout include the following:

• That the insurance company has undervalued your future medical expenses, assuming that you will leap at the opportunity for a payday
• That healthcare costs will rise in the future, and that today’s projection of future medical care will be too low to cover future healthcare costs
• That the insurance company is no longer responsible for your future medical costs

If there are any other considerations that you must know about before accepting a medical buyout offer, our team will explain them to you. 

Should I Hire a Lawyer to Review a Medical Buyout Offer?

Whether or not you have received a medical buyout offer, you may want to hire a lawyer to help with your workers’ compensation case. The attorneys at Hampton Injury Law PLC can review your injury or illness, work with medical experts to understand the future cost of care, and deal with the insurance company on your behalf.

Our firm can also:

• Review any medical buyout offer you have received and determine its fairness
• Negotiate with the insurance company for the medical buyout you deserve
• Advise you on whether it is in your interest to accept a medical buyout or continue receiving incremental payments from the insurance company

The National Safety Council (NSC) explains that work-related injuries can cost between tens of thousands of dollars to more than a million dollars. It is critical that you get sound legal advice before accepting a medical buyout offer.

Call Hampton Injury Law PLC Today for a Free Consultation About Your Workers’ Compensation Case

Hiring a lawyer can be a great help for anyone dealing with a work-related injury or illness. You do not have to have received a medical buyout offer for a lawyer to assist you. Call Hampton Injury Law PLC today for a free case evaluation.