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Does Iowa Work Comp Offer Lump Sum Settlements?
For most injured workers in Iowa, workers compensation benefits are paid out by the week, much like a paycheck. But you might not wish to receive your benefits in that way. Some injured Iowa workers would prefer to receive a one-time payment of their benefits.
But does Iowa work comp offer lump sum settlements? In some cases, this might be an option, but this will come with benefits and drawbacks. Before you decide, be sure to speak to a lawyer at the Pothitakis Law Firm, PC. Our attorneys can walk you through your options and what effect a lump sum settlement will have on your rights.
Types of Lump Sum Settlements
Generally, it’s difficult and rare to get a lump sum workers comp settlement in Iowa. This is a large sum to pay out at once, and you’ll likely need to prove that this is in your best interests and that you need that settlement now. But if you do receive an approval for a lump sum settlement, you’ll have more than one option for settling.
A full commutation is one type of lump sum settlement. You’ll receive the rest of the benefits you would have received over time in one lump total. While you may need this money now, keep in mind that this will be the end of your benefits. Once you’ve received this amount, you’ll be unable to claim further benefits, even if you need medical attention for your injuries.
But you don’t have to give up your remaining benefits. A partial commutation gives you a significant portion of your work comp benefits, but it doesn’t end the rights you have to compensation in the future. If your condition suddenly worsens, you’ll retain your right to pursue further compensation for your injury.
Getting a Lump Sum Settlement
If you’re seeking a lump sum settlement for your work comp case, you’ll file a request with the Iowa workers compensation commissioner. The commissioner will have to approve the settlement agreement.
To receive a settlement, you’ll likely need to demonstrate two things: that you have a need for the amount the lump sum would provide and that it’s in your best interest to give you a lump sum of your remaining benefits.
Help Receiving Your Settlement
Sometimes, you may simply need your Iowa work comp benefits in a lump sum, but this can be difficult to get, and you’ll need to decide whether it’s worth possibly losing your right to further benefits. An attorney from Pothitakis Law Firm, PC can help you make decisions about your benefits and fight for your settlement.
If you need to know whether Iowa work comp offers lump sum settlements, then you may need a lawyer to review your case. Fortunately, our attorneys can review your case for free. To get started, give us a call at 1-866-PLF-IOWA (753-4692) or fill out the online contact form below.