Long Island workers in dangerous industries like construction might be concerned about how they would cope if they should suffer catastrophic injuries. Injuries that prevent workers from earning an income in meaningful employment could be devastating, especially if the victim is the breadwinner of a family. Learning about workers’ compensation structured settlements might bring comfort.

The plan involves an annuity that will pay periodic amounts based on the injured worker’s needs. The annuity will replace a lump sum settlement and provide guaranteed financial security and tax-free income on a regular basis. This could help with ongoing costs of medical treatment, surgeries, medical equipment and other long-term financial needs.

Injuries often covered by structured settlement payments include those that typically prevent victims from continuing working, not even in another industry. Amputations and spinal cord injuries can have traumatic consequences that might affect mobility. Brain injuries, severe burn injuries and vision loss are other injuries that might be better dealt with under the structured settlement plan.

Victims of catastrophic injuries will likely be overwhelmed by the sudden, unanticipated changes. It is not only physical changes but also emotional or psychological trauma with which to deal. Working with insurance adjusters and workers’ compensation at such a challenging time could cause injured workers to accept offers that might not be in their best interest. The best step to take is to seek the support and guidance of an experienced Long Island workers’ compensation attorney to advocate for them. Legal counsel can explain the different options, and if structured settlements are the chosen option, the lawyer can assist with the process to determine the amounts and frequency of periodic payments.