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.
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:
It is often tempting to take the immediate payout, but you must consider the potential drawbacks of a medical buyout before you accept one.
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:
If there are any other considerations that you must know about before accepting a medical buyout offer, our team will explain them to you.
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:
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.
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.
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