A “buyout” or “medical buyout” refers to the process of an insurance carrier offering you a lump sum of money to settle your worker’s compensation claim. Typically, this buyout would be given to you as a one-time payment, however, in some cases it can be offered as a set amount of lifetime payments or a combination of the two.
It’s important to note that this is merely an option extended to you, not a final offer that you must accept. Deciding between accepting the buyout or waiting to see if you are awarded benefits can be a difficult decision. Our Erwin, McCane & Daly team is here to help!
While this may be a good option for some, accepting the lump sum may not always be in your best interest. In some cases, the lump sum may seem appealing, but realistically it will not be enough to cover all expected and unexpected medical treatments. Accepting the buyout may also prevent you from having future medical care paid for if new issues related to your work injury arise.
Accepting the lump sum will allow you to receive care from a provider outside of the worker’s comp system. In simple terms, the buyout is only an acceptable option if the lump sum is large enough to cover all seen and unforeseen costs.
Contact our team today to discuss your worker’s compensation benefit options! We will guide you through the process and provide you with comprehensive legal advice so you are able to make the decision that best supports your future.