• Skip to primary navigation
  • Skip to main content
  • Skip to footer
jh logo

Kansas City Workers Compensation Lawyer | Missouri

Missouri Workers Compensation Attorney

  • Workers Comp Attorneys
    • Airplane Accident Lawyer
    • Amputation Lawyers
    • Asbestos Lawyer
    • Bone Fracture Lawyer
    • Brain Injury Lawyer
    • Cement Workers Lawyer
    • Construction Lawyer
    • Electrocution Injury Lawyer
    • Falling Debris Injury Lawyer
    • Retail Store Accident Lawyer
    • Slip and Fall Lawyer
    • Welding Injury Lawyer
    • Work Related Injury Lawyer
    • Work Related Stress Lawyers
  • Work Injuries
    • Back Injury at Work
    • Burn Injury
    • Hernia Injury at Work
    • Rib Injury
    • Rotator Cuff Injury at Work
    • Wear and Tear Injury
  • Missouri Work Comp
    • Permanent Partial and Total Disability
  • Case Results
  • Contact Us
You are here: Home / Work Comp Blog / 4 FAQs About Workers Comp Structured Settlements

4 FAQs About Workers Comp Structured Settlements

January 5, 2023 by James Hoffmann

A structured settlement is a financial arrangement in which an injured worker receives their compensation in periodic payments rather than a lump-sum payment.

At the Law Office of James. M. Hoffman, we’re dedicated to helping injured workers navigate the often complex world of workers’ compensation. One area that can be particularly confusing is the concept of structured settlements. In this article, we’ll answer some frequently asked questions about structured settlements.


Get FREE Legal Advice

Call today to speak with an experienced Missouri workers compensation attorney!

Call (816) 399-3706
injured worker calculating bills

What Is a Structured Settlement?

A structured settlement is a financial arrangement in which an injured worker receives their compensation in a series of periodic payments rather than a lump-sum payment. These payments are typically spread out over a period of time, such as several years or even a lifetime.

Why Should an Injured Worker Consider a Structured Settlement?

There are several reasons why an injured worker might want to consider a structured settlement, including:

Security: Structured settlements provide a guaranteed stream of income, which can be particularly important for injured workers who are unable to work or have reduced earning capacity.

Customization: Structured settlements can be customized to meet the specific needs and goals of the injured worker. For example, the payments can be structured to provide a steady income stream over a long period of time, or they can be designed to provide a larger amount upfront to cover immediate expenses.

Control: Structured settlements give injured workers more control over their financial future, as they can choose the terms and payment schedule that best meets their needs and goals.

Avoidance of Risky Investments or Bad Financial Decisions: It’s not uncommon for individuals who receive a large sum of money all at once to make poor financial decisions or be tempted to invest the money in high-risk, high-reward ventures. Structured settlements can help prevent these types of mistakes.

Peace of Mind: Structured settlements can provide a sense of security and stability for injured workers, which can be especially important during a difficult and uncertain time.

Who Determines the Number of Payments and the Payment Schedule?

The number of payments and the payment schedule for a structured settlement is typically determined by the parties involved. This may include the injured party, their attorney, the employer, or their insurance company. In some cases, a neutral third party, such as a mediator or arbitrator, may be involved in determining the terms of the structured settlement. The payment amount and schedule will typically be based on the severity of the injury, the projected future medical expenses, and the lost wages of the injured party, among other relevant factors.

How Can I Avoid Tricky Structured Settlement Offers?

There are a few steps that injured workers can take to avoid tricky structured settlement offers:

Seek Legal Advice: It’s important to have a qualified attorney review your structured settlement offer to ensure that it is fair and reasonable. An attorney can also help negotiate any terms that may be unfavorable to the injured party.

Understand the Terms: It’s important to fully understand the terms of the structured settlement, including the payment schedule and amounts, before agreeing to any offer.

Consider Future Needs: You should consider their future financial needs when evaluating a structured settlement offer. This may include long-term medical expenses, lost wages, and other financial obligations.

Get a Second Opinion: You may want to seek the advice of a financial planner or another financial professional to help evaluate the structured settlement offer and determine if it is in your best interests.

If you’re an injured worker considering a structured settlement as part of your workers’ compensation claim, we’d be happy to help you understand your options and make the best decision for your needs. Call us 24/7 to speak with an experienced Missouri workers’ compensation lawyer with over 30 years of experience.

Get FREE Legal Advice

Call today to speak with an experienced Missouri workers compensation attorney!

Call (816) 399-3706

Filed Under: Work Comp Blog Tagged With: Workers Compensation Claim

Updated: January 10, 2023

Footer

FREE CONSULTATION FORM

    Chlorine Cylinders

    Workers’ Compensation for Chlorine Gas Exposure

    January 19, 2023 By James Hoffmann

    Here are a few ways to reduce your risk of exposure to chlorine gas and what you need to know about workers' compensation benefits if you are … [Read More...] about Workers’ Compensation for Chlorine Gas Exposure

    a fatigued worker in a warehouse

    How to Prevent Fatigue at Work – Kansas City Workers Comp Attorney

    January 18, 2023 By James Hoffmann

    Learn about the risks of accidents, injuries, and errors due to fatigue, as well as strategies for reducing fatigue in the workplace. Worker … [Read More...] about How to Prevent Fatigue at Work – Kansas City Workers Comp Attorney

    Law Office of James M. Hoffmann
    Kansas City
    (816) 399-3706

    Missouri Work Comp FAQ

    • What Happens If My Workers’ Compensation Case Goes to Trial?
    • Will Workers Compensation Insurance Pay For My MRI?
    • Can I Get Workers Comp for Stress and Anxiety?
    • Can I Get Workers Compensation for Wear and Tear Injuries?
    • Does Workers Compensation Cover Independent Contractors in Missouri?
    • Workers Compensation Benefits for Scarring and Disfigurement
    • Can I Quit My Job While I’m Receiving Workers Compensation?

    Copyright © 2023 · Law Office of James M. Hoffmann

    • Disclaimer
    • Privacy Policy