What Should You Do With Your Workers’ Compensation Settlement Money?
If you have been injured on the job, you may qualify for workers’ compensation benefits. The Riverside workers’ compensation lawyers at Heiting & Irwin can help with your claim and with any other issues you may have.
Workers’ compensation benefits are intended to both replace money you have lost and pay costs directly associated with your job-related injury. If you have agreed to a workers’ compensation settlement, you may receive this money in payments or upfront in a lump sum.
When you have suffered an injury on the job, legal help is just a phone call away. Contact the workers’ compensation attorneys at Heiting & Irwin to learn more about whether you may qualify for benefits, and what your case is worth.
A Workers’ Compensation Settlement Is Not a Financial Windfall
When you have received a workers’ compensation or personal injury settlement, you may be tempted to think that you have come into a windfall. The reality is that you need to be careful with this money because you will need it for many purposes. You need to be prudent with this money to ensure that it is there for you when you need it. You may even consider seeking professional help to plan and to manage the money. We can assist you to find a qualified person/group.
Your workers’ compensation benefits would generally include payment for the following things:
- Medical expenses to treat your injury(ies)
- Medical expense to evaluate your injury(ies) and any permanent disability
- Partial replacement of lost wages
- Vocational expenses to train you for a new job
- Other related benefits/claims
You Only Get One Workers’ Compensation Settlement
Accepting a workers’ compensation settlement means that you will, most likely, have signed away certain legal rights in return for payment. The condition of receiving a settlement is that you agree to release the insurance company from further liability regarding certain aspects of your claim. Thus, you may not be getting any more money from the insurance company in the future. What you have received is all that you will get. It is important to have a specialist in workers’ compensation in your corner to advise you and to answer your questions.
Getting Help
- It is very advantages to employ a certified workers’ compensation specialist, such as Richard H. Irwin.
- You and your attorney may consider various ways to treat any potential settlement so it
is there for you when you need it. Some may decide to structure their settlement, so they receive some of it over time, instead of receiving a lump sum. A structured settlement can be very helpful for financial planning and security.
You may also consider hiring a financial advisor to help manage your money and consider ways to earn money on your settlement proceeds. Of course, you need to be careful about investing it too aggressively because you could lose money on certain investments.
Remember that you receive workers’ compensation for a reason. Your future earnings capacity could be limited, and you may not be able to replace the income that is lost. A settlement is not a windfall. Instead, it is compensation for what you have lost due to your work-related injury.
Contact a Riverside Workers’ Compensation Law Firm Today
If you have been injured at work, speak with the Riverside workers’ compensation lawyers at Heiting & Irwin to learn more about your benefits. Richard H. Irwin has been a state certified specialist in workers’ compensation claims for over 25 years. We can help you at all phases of the workers’ compensation legal process. You can speak with a workers’ compensation attorney by calling us today at (915) 682-6400.
