Yes, you can receive a workers compensation settlement as a lump-sum payment. This type of settlement closes your claim entirely in exchange for a one-time payment.
To obtain a lump-sum settlement, the following conditions must be met:
- Approval by the Commission: You and the insurance carrier must agree on the terms, after which the proposal must be submitted to the Oklahoma Workers Compensation Commission for review and approval.
- Justification: You are required to file a sworn affidavit explaining why receiving a lump-sum payment is in your best interest.
- Regulatory Factors: The Commission evaluates your request based on your age, the nature and severity of your injury, and your capacity to manage a large payment prudently.
- Future Medical Needs: The Commission will reject any lump-sum settlement that does not adequately cover your future medical expenses.
Because a lump-sum settlement involves giving up future benefit rights, including the right to reopen the claim, it is highly recommended that you consult with a workers compensation attorney before accepting any offer to ensure your long-term medical and financial needs are protected.
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