Insurance carriers have an incentive in offering you a global settlement to permanently close your claim. By closing the indemnity (wages) and medical portion of your claim, you are taking a lump sum and hitting the road. The insurance carrier is going to offer you what seems like a lucrative settlement but be aware of the following:
All future medical treatment related to this injury become your responsibility
All future medications must come out of your pocket
No health insurance will cover your workers’ compensation injury
You must keep in mind that you will be on the hook for the above for the rest of your life. While things like physical therapy and routine check-ups may be reasonable coming out of your pocket, any surgery will most likely take up a good portion of your settlement.
It may be wise to consider just accepting a lump sum for the wages portion of your claim and keeping the medical open. The settlement may not be as lucrative but in 10 or 20 years, you will be protected should anything happen that requires more medical treatment. Do Not Assume that ObamaCare will cover your treatment as a “pre-existing” condition. Such assumptions will put you in the poor house in the future.